Fexco was set up in 1981 by Brian McCarthy, originally to providebureau de change services to the Irish market.[1] McCarthy, now acting as Fexco chairman, is also chairman of the Irish Prisons Board.[10]
In 2010, Fexco acquired 75% ofGoodbody Stockbrokers for a reported bargain price of €24 million with the management take the remaining 25% stake in the business.[13][14][15][16] TheFinancial Times commented that the modest price tag placed on Ireland’s oldest stockbroker and "one-time bastion of Ireland's Protestant business elite" was just another measure of the dramatic decline of the Irish economy.[17][18]
In February 2015, Denis McCarthy was appointed chief executive officer of Fexco.[19] McCarthy had been active chief executive since Gavin O'Neill departed the company in 2014.[19] The Currency Exchange Corporation was acquired by Fexco in 2016.[20]
In 2018, Fexco turned down a deal to sell Goodbody to a Chinese consortium for €150 million.[21] In November 2019, it was announced that Goodbody could to be sold toBank of China for approximately €150 million,[22] however by July 2020 it was reported that Bank of China was withdrawing from this acquisition citing uncertainty over the Coronavirus pandemic.[23][24] In March 2021, AIB confirmed that it had agreed to acquire Goodbody Stockbrokers for €138 million.[25]
