Minister Coveney and Enterprise Ireland CEO Julie Sinnamon address senior executives from the UK and Ireland’s financial services sector to strengthen industry ties, amid Brexit uncertainty
3rd November 2017
Enterprise Ireland clients continue to thrive in UK market - FEXCO announce acquisition of its seventh UK retail foreign exchange company, positioning the group as the largest specialist high street Retail FX operations in the UK
Friday, 3rd November 2017: One hundred senior executives representing financial services and technology companies form Ireland and the UK, gathered in London yesterday evening for Enterprise Ireland’s 12th annual financial services dinner. With a focus on strengthening ties between both nations, particularly in the context of Brexit, the group was addressed by the Minister for Foreign Affairs and Trade, Simon Coveney, TD, Julie Sinnamon, CEO of Enterprise Ireland. The keynote speech was delivered by Paul Donovan, Global Chief Economist with UBS.
At the event, FEXCO, one of Ireland’s most successful multinational financial services companies announced it is about to complete its latest acquisition in the UK. This will be FEXCO’s seventh acquisition in the UK over the last five years, positioning the company as one of the largest specialist high street Retail FX operators in the UK and the largest one in London.
According to FEXCO Group Executive Joe Redmond “This latest acquisition will see FEXCO take control of one of the longest established RFX operators in the UK which remains the most attractive Retail FX market in the world. The acquisition once completed will coincide with the launch of a ground breaking new consumer brand by FEXCO in the UK market. Our share of the UK market in the last five years has grown from zero to 5% and the number of people employed in our business has grown to over 400. Through our UK wide network, FEXCO has served over 2m customers in 2017 and generated turnover in excess of £1bn.
Addressing the event, Minister for Foreign Affairs and Trade, Simon Coveney, TD said “The Government recognises the significant opportunities for Ireland in Fintech and will continue to explore the opportunities for the sector. Our long track record in both technology and financial services makes Ireland the perfect location for Fintech firms. Driving continuous innovation and research in the international financial services industry is also a key priority for my Government.”
“The business links between Ireland and the UK are deep and extensive, supporting 200,000 jobs in each country, and I am delighted to have the opportunity tonight to engage with so many of the business community that provide the lifeblood for this relationship.”
Speaking at the event, Julie Sinnamon, Enterprise Ireland CEO said “The financial services and technology sectors are key sector for Ireland and our focus is on growing employment figures in both sectors. The UK is Ireland’s largest export market and will remain so for the foreseeable future. While the UK’s decision to leave the EU and the negotiations for that withdrawal continues to create a level of uncertainty for the business world, we continue to see our clients innovate, scale and thrive in the UK, the world’s largest and most competitive financial services market.”
“FEXCO is a prime example of an Irish company that is achieving huge scale and impact not just in the UK market but across many international markets. Their growth in the UK over the past number of years, is hugely impressive, driven by a relentless strategic goal and product innovation. Ireland’s fintech sector is world class and across the board we see Enterprise Ireland clients thrive and expand their international impact in the UK and beyond.”
Senior executives from 19 Irish technology and internationally traded services organisations attended the event, alongside UK senior executive from 10 global retail and investment banks, investment, private equity, fund and asset managers.
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