Page 100 - AAE PR REPORT - August 2024

8/13/24, 1:18 PM Al Ansari Financial Services signs agreement to acquire BFC Group Holdings with strategic advisory from Protiviti Member Firm for …
Al Ansari Financial Services signs

agreement to acquire BFC Group

Holdings with strategic advisory from

Protiviti Member Firm for the Middle

East Region

August 7, 2024 17

Protiviti Member Firm for the Middle East region, a global consulting firm, proudly announces its
role as the exclusive financial advisor to Al Ansari Financial Services PJSC (AAFS) in successfully
signing a sales and purchase agreement to acquire BFC Group Holdings W.L.L. (BFCGH). The

transaction, valued at $200 million (AED 735 million), marks a significant milestone for AAFS,
positioning the company as the largest remittance and foreign exchange provider in the GCC

region by branch network.

This acquisition involves the purchase of 100 percent of BFCGH, a leading foreign exchange and

remittance group headquartered in Bahrain. The deal enables AAFS to expand its footprint
across the UAE, Bahrain, Kuwait, and India, bringing the combined entity’s branch network to

over 410 locations — a 60 percent increase from AAFS’s current presence. Additionally, the
merger will bolster the workforce to approximately 6,000 employees, enhancing service
capabilities and operational efficiency.

George Thomas, Managing Director of Protiviti Member Firm for the Middle East region,

commented: “Protiviti played a pivotal role in this landmark transaction. We were involved right
from identifying the opportunity, determining synergies and value creation opportunities, and
carrying out comprehensive due diligence on behalf of the buyer. Protiviti has advised diverse

businesses on several successful deals in recent years, with a particular focus on the financial
services industry. This deal is the third transaction in the currency exchange segment in the past

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