Mexico's Largest Commercial Foreign Exchange Provider Invests in European Expansion
Monex Group (Holding Monex SAPIB), one of the world's largest commercial foreign exchange providers, has today acquired London-based FX specialist Schneider Foreign Exchange in a cash deal worth in the region of USD 100 million.
As a result of the acquisition Schneider Foreign Exchange will be renamed Monex Europe. The acquisition makes Monex Group one of the largest deliverable commercial FX specialists in the world, turning over a combined USD 125 billion in currency transactions annually.
The company's London office will become the European HQ for Monex Group as it pursues aggressive expansion into mainland Europe. Its successful management team will remain unchanged.
Hector Lagos, Chairman, Monex Group said: "This acquisition is a key strategic investment in Europe for us. Schneider Foreign Exchange is already leading commercial FX in the UK and we look forward to supporting its ambitious growth plans across the continent as Monex Europe."
Nick Edgeley, Managing Director, Monex Europe said: "In today's uncertain climate, CFOs need expert guidance if they are to mitigate the risks posed by increasingly volatile exchange markets. As the Eurozone crisis escalates, European multinationals are also increasingly looking to emerging markets for growth and export. Joining Monex Group gives us a global footprint and provides the firepower to rapidly expand our successful business across Europe and beyond."
Mauricio Naranjo, Managing Director, Monex Group said: "As the leading FX specialist in the UK, Schneider Foreign Exchange was the obvious choice for this deal. The business is known for its world-class service, ambitious management team and premium client list which fits perfectly with the ethos of the group."
Founded in 1985, Monex Group is a publicly quoted financial services group (BMV: MONEXB) headquartered in Mexico. The group boasts assets of USD 2.8 billion, net assets of USD 280 million and employs 2,310 people across Latin America, the United States and Europe. Banco Monex, the group's largest entity, has an international 'BB+/B' global scale credit rating from Standard & Poor's and a tier one capital ratio of 22.6%.
IMAS Corporate Finance LLP acted as the exclusive financial adviser to Schneider Foreign Exchange in this acquisition.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.