The Bank of Ireland Group has sold the assets and liabilities of its US-based foreign currency business, Foreign Currency Exchange Corporation, Inc. (FCE) to Wells Fargo Bank N.A. (Wells Fargo). Financial details have not been disclosed.
Based in Orlando, Florida, FCE provides foreign currency note services and international money payment services to a large number of banking institutions throughout the USA and Canada.
Wells Fargo is a provider of banking, mortgage, investing, credit card, insurance, and consumer and commercial financial services.
The disposal represents one of the divestment commitments given by Bank of Ireland under its Restructuring and Viability Plan, which the European Commission approved under State Aid rules on 15 July 2010.
Oaklins' team in Ireland advised the seller in this transaction.
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