FCE is an Orlando, Florida-based foreign banknote wholesaler that currently serves about 140 of the top 200 banks in the US as ranked by number of branches.
FCE’s principal business is enabling banks to offer foreign currency exchange services to their clients on a private label basis.
Upon completion of the transaction, FCE will be integrated into the International Group of Wells Fargo.
Gregg Napoli, head of Foreign Exchange Services for Wells Fargo, part of the International Group, said this transaction complements Wells Fargo’s well-established foreign exchange payment services program for US based correspondent banks by enabling partners to offer a market-leading currency exchange solution to their customers, under their own brand.
Wells Fargo’s Global Financial Institutions group provides correspondent banking services to over 1900 US-based banks.
More than half of FCE customers are currently its clients, which will aid in the transition process, Wells Fargo said .
Wells Fargo also said that it will offer an opportunity to majority of 65 people of FCE to join the firm.
Financial terms of the transaction, which is expected to be completed this summer, were not disclosed.
