Bank of Ireland sells off U.S.-based, foreign currency payments subsidiary to Wells Fargo

Posted On: May 12, 2011
On Monday, San Francisco-based banking firm Wells Fargo obtained Foreign Currency Exchange Corporation (FCE), an American foreign currency provider owned by The Bank of Ireland, a Wells Fargo press release stated.

Based in Orlando, Florida, FCE supplies large volumes of foreign legal tender to U.S. banks, for use in the banks' in-house, client-facing currency services. According to the news release, FCE works with 140 top financial institutions, by number of branch locations, on this foreign exchange product. The majority of FCE's approximately 65 employees will be invited to stay on with Wells Fargo.

Wells Fargo will offer correspondent bank clients financial and banking services as they weave FCE seamlessly into their company. This transition process will be made smoother by the fact that over half of FCE clients are also Wells Fargo customers. The Global Financial Institutions division of Wells Fargo serves over 1900 U.S.-headquartered banks with correspondent banking.

Working with individuals, small enterprises, corporations, and other banks, Wells Fargo International Group provides a variety of international financial solutions in North America, Europe and Asia.

Category: Industry News

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