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Wells Fargo Buys Foreign Currency Wholesaler

pleasantvalleySunday
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pleasantvalleySunday Newbie

pleasantvalleySunday

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Posted

Wells Fargo Buys Foreign Currency Wholesaler

Wells Fargo & Co. (WFC) said Monday it bought substantially all of the U.S.- based assets of Foreign Currency Exchange Corp., a wholly owned subsidiary of the Bank of Ireland Group.

Financial terms of the deal were not disclosed, but the transaction will close this summer. FCE is an Orlando, Fla.-based foreign currency wholesaler that serves about 140 banks in the U.S.

The firm's core business is enabling banks to offer foreign currency exchange services to their clients.

-Sue Chang, AskNewswires@dowjones.com

(END) Dow Jones Newswires 05-09-111347ET Copyright © 2011 Dow Jones & Company, Inc.

Read more: http://www.nasdaq.com/aspx/company-news-story.aspx?storyid=201105091347dowjonesdjonline000260&title=wells-fargo-buys-foreign-currency-wholesaler#ixzz1LvJtKJcL

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easyrider Newbie

easyrider

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It does seem suspicious to say the least, but currency exchange in itself is a lucrative market...dinar or no dinar.

admit youre excited if i am you have to be this is suspicious yes indeed it is a broad market yes but why now???????????? hmmmm. Iraqi dinar thats why. For starters i believe the dinar will jump start the global market of currencies because of an increase from toilet paper to a reasonable value that is im opinion but it makes sense.

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gpoki Newbie

gpoki

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Financial terms of the deal were not disclosed, but the transaction will close this summer. FCE is an Orlando, Fla.-based foreign currency wholesaler that serves about 140 banks in the U.S.

Hmm.. says this summer. Hope it's not the end of this summer :unsure:

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surfpunk Newbie

surfpunk

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Ohhh come on guys, this has nothing to do with the Dinar. Take a look at Ireland. The country is in the craphole financially. Their assets are suffering and are probably great bargains right now. I am sure Wells Fargo is stealing this business and will reap the rewards.

Edited by surfpunk
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smee2 Newbie

smee2

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I suspect this does not have as much to do with the dinar as with other business considerations. HOWEVER ... I also suspect that the possibility of the RV of the Iraq Dinar was one of the considerations, at least in terms of timing and looking for the "bonus" features this move will create.

And the remarks about Ireland being a financial money pit and not well managed and all that ... do some research. You will find that although Ireland has the same problems that all of Europe is going through with this global-financial-almost-complete-meltdown, they still have a very good reputation for making the right decision financially, just as Scotland and England have. All those countries suffered from the recent money crunch but until that time, and since the situation became serious, they have all maintained their status. It is some of the mainland European countries, like Greece, and Spain, who have reallly shown some very unwise moves before, during, and currently. So, ease up on Ireland, please.

PVS ... thanks for finding this and bringing it to the forum. It is a piece of a puzzle that just might fit when it is all said, done, and put together. Good find!

:)

smee2

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Carrello Rising Star

Carrello

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I suspect this does not have as much to do with the dinar as with other business considerations. HOWEVER ... I also suspect that the possibility of the RV of the Iraq Dinar was one of the considerations, at least in terms of timing and looking for the "bonus" features this move will create.

And the remarks about Ireland being a financial money pit and not well managed and all that ... do some research. You will find that although Ireland has the same problems that all of Europe is going through with this global-financial-almost-complete-meltdown, they still have a very good reputation for making the right decision financially, just as Scotland and England have. All those countries suffered from the recent money crunch but until that time, and since the situation became serious, they have all maintained their status. It is some of the mainland European countries, like Greece, and Spain, who have reallly shown some very unwise moves before, during, and currently. So, ease up on Ireland, please.

PVS ... thanks for finding this and bringing it to the forum. It is a piece of a puzzle that just might fit when it is all said, done, and put together. Good find!

:)

Thank you for your comments. Grounded as usual. I don't know why someone gave you a -1, a big red one, but I got you back. It must have been a Greek or a Spaniard.

smee2

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