Monex Group acquires Schneider Foreign Exchange
Monex Group, the Mexican FX group, has bought Schneider Foreign Exchange in a cash deal that values the London-based currency specialist at about $100 million.
Schneider FX, which provides forex services to small and medium sized corporates, as well as institutions, is to be renamed Monex Europe. The acquisition makes Monex Group one of the largest deliverable commercial FX specialists in the world, turning over $125 billion in forex transactions annually, the company says.
Monex says its new London base will serve as its European headquarters and used to pursue an aggressive expansion into mainland Europe.
“This acquisition is a key strategic investment in Europe for us,” says Hector Lagos, Monex Group chairman. “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.”
The deal, which follows the sale of Schneider Trading Associates’ trading division to Marex Spectron in May, will see Schneider FX’s management team remain unchanged.
Nick Edgeley, managing director, Monex Europe says: "Monex Group approached us for a potential acquisition because of the company's rapid growth and increasing dominance of the UK commercial FX market. This is a strategic acquisition which will allow us to expand the business rapidly across Europe."