Fexco buys New Zealand firm

KERRY-BASED financial services firm Fexco has bought a majority shareholding in the New Zealand-based group, Federal Pacific for a multi-million euro sum.

The move marks the Kilorglin-headquartered firm’s first foray into the south-Pacific market and marks its return to the money transfer sector, which it exited last February with the €123.1 million sale of its money transfer arm to Western Union.

The consideration for the New Zealand investment is thought to involve a multi-million sum, albeit significantly less than what the sale of its European money transfer operation went for.