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McCarthy is expected to fill the central defence role left by Fransman, who has signed for Israeli side Maccabi Netanya.
"Swallows would like to welcome Fabian into the 'Birds' nest and at the same time we would like to wish Bevan the best of luck in Israel," read a statement on the official Swallows website.
"Bevan was a loyal servant of the club and we are not happy to see him go, but we had to honour our promise to him to let him return to Europe when an opportunity arose. We will certainly miss him.
"But the club has an equally good replacement in Fabian, whom we rate very highly. His record speaks for itself and nobody can question his outstanding leadership at the back. We are certain that he will add value to the team," the statement continued.
McCarthy will compete with newly-signed Brazilian duo Davi Rancan and Vinicius Candido Da Silva for the central defence role.