Fexco – the Kerry – Ireland-based global payments company, announced that it has agreed to acquire the Irish asset finance company BNP Paribas Finance Ltd, which is part of the BNP Paribas group in Ireland. This company will be renamed Fexco Asset Finance Ltd and will operate as part of the Fexco group. The value of the transaction was not disclosed.

BNP Paribas Finance Ltd provides and arranges leasing as well as hire purchase facilities for capital goods to its own clients and through suppliers of motor vehicles, manufacturing as well as business equipment. It concentrates on small and medium ticket leasing and hire purchase from offices in Dublin and Limerick.

The rebranding of the acquired company will take place over the coming weeks and, when that process is completed, it shall operate under the Fexco Asset Finance Ltd brand.

Fexco Asset Finance Ltd shall provide a full range of financing products at fixed or variable rates for both consumers and corporates in the asset finance market. Fexco shall retain existing management in both Dublin and Limerick with overall responsibility for the business being assumed by Ms Bridget McGuire, general manager of Fexco International Payments which is based in Killorglin, Co. Kerry.

According to Fexco, the acquisition extends the range of financial services currently provided by the group to the business sector and provides significant growth opportunities for all its products across the combined customer bases of Fexco and the former BNP Paribas leasing business.

Speaking at the announcement, Fexco’s Bridget McGuire, said, “The purchase of BNP Paribas Finance Ltd marks an important step in Fexco’s strategy of building a strong customer base for a wider range of services now offered by the company. The retention of key senior executives from BNP Paribas Finance Ltd will ensure continued strong customer support for those who wish to avail of optimum lease options for their business”.