independent

Wednesday 30 July 2014

Banking giants Lloyds seeking to invest in Monex

Published 30/04/2014|05:36

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Monex CEO Frank Murphy.

BRITAIN'S Lloyds Banking Group is understood to be seeking to make a significant investment in Killarney-based financial services and data processing company Monex.

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The international financial and business press have reported that the British banking giant is currently seeking to buy a 25 per cent stake in the company, the majority of which is owned by Kerry based entrepreneur Frank Murphy and is currently valued at around €100 million.

In 2013 Lloyds was one of a number of trade and private equity firms that took part in a sales process with Monex along with other potential investors including a Bahrain-based private equity group and a US trading firm. No deal was reached as a price could not be agreed between Monex and any of the potential investment groups. However. it has now been widely reported that Lloyds has attempted to restart the deal and is in talks with management at Monex in the hope of formally resuming negotiations.

Monex has declined to comment on the rumoured approached by Lloyds.

Monex specialises in digital currency conversion, which enables users to make transactions in foreign currency more efficiently and at lower cost.

The company was set up by Frank Murphy in the 1990s after he departed Brian McCarthy's Fexco. Mr Murphy is understood to own an 84 per cent stake in the business.

Sales at the Killarney firm are expected to hit €85 million on the back of the deals with Hertz and the expansion of ATM networks that use the company's systems.

Kerryman

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