SAN FRANCISCO - May 9, 2011
In a transaction that further expands its international banking capabilities, Wells Fargo & Company (NYSE: WFC) today announced that it will acquire substantially all of the US-based operating assets of Foreign Currency Exchange Corporation (FCE), a wholly owned subsidiary of the Bank of Ireland Group. Financial terms of the transaction, which is expected to be completed this summer, were not disclosed.
FCE is an Orlando, Florida-based foreign banknote wholesaler that currently serves about 140 of the top 200 banks in the US as ranked by number of branches. The firm’s principal business is enabling banks to offer foreign currency exchange services to their clients on a private label basis.
“This transaction complements Wells Fargo’s well-established foreign exchange payment services program for US based correspondent banks by enabling partners to offer a market-leading currency exchange solution to their customers, under their own brand,” said Gregg Napoli, executive vice president and head of Foreign Exchange Services for Wells Fargo, part of the International Group.
FCE will be integrated into the International Group of Wells Fargo, with the San Francisco-based bank able to provide correspondent bank customers access to a variety of other products and services. Wells Fargo’s Global Financial Institutions group provides correspondent banking services to over 1900 US-based banks. More than half of FCE customers are currently Wells Fargo clients, which is expected to aid in the transition process.
FCE currently employs approximately 65 people, the vast majority of whom will be offered opportunities to join Wells Fargo.
Wells Fargo International Group serves small businesses, corporations, financial institutions, multilateral organizations and individual with a wide range of international solutions from more than 30 global locations, including branches in Hong Kong, London, Seoul, Shanghai, Singapore, Taipei, Tokyo and the Cayman Islands.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.