Page 103 - 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 …
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 two years, which is a testament to our dominance in this space in the Middle East. Our

team worked closely with AAFS and external advisors to facilitate a seamless and smooth
transaction.”

Rashed Ali Al Ansari, Group CEO of AAFS, stated:“This strategic acquisition represents a
pivotal moment in our growth trajectory, establishing our Company as the leading foreign

exchange and remittance service provider in the Gulf region. By broadening our customer
base and extending our services across the GCC and India, we aim to provide a wider

audience with access to our comprehensive remittance and foreign exchange solutions. This
move enhances our regional presence and aligns with our broader diversification strategy and

expansion into new markets. Ultimately, this transaction is designed to deliver sustainable
value and optimal returns for our shareholders.”

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