Ireland-based financial services firm Fexco is set to buy UK-based foreign exchange company InterCash. The financial terms of the acquisition deal were not disclosed, according to RTE News.
The transaction comes shortly after the Irish company announced its plans to establish 20 new foreign exchange branches in Britain. The firm aims to achieve this plan before 2015 ends, the report detailed.
Fexco expects strong growth in the demand for foreign exchange services in the UK. The company also said the InterCash network would be integrated into its No 1 Currency brand. Fexco acquired the said brand in 2012, the report explained.
According to Joe Redmond, Fexco's director of foreign exchange services, the addition of InterCash would establish the firm's position in the market as the country's economy started growing again, the report added.
Aside from foreign exchange, Fexco also provides other financial services such as asset finance and merchant services, RTE News reported.
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