Page 104 - AAE PR REPORT - August 2024

8/13/24, 1:18 PM Al Ansari Financial Services signs deal to acquire BFC Group
Al Ansari Financial Services signs deal
to acquire BFC Group

DUBAI, 5 days ago
Protiviti Member Firm for the Middle East region
has announced its role as the exclusive financial
advisor to Al Ansari Financial Services (AAFS) in
successfully signing a sales and purchase deal to
acquire BFC Group Holdings (BFCGH).

The transaction, valued at $200 million (AED735
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% of
BFCGH, a leading foreign exchange and
remittance group headquartered in Bahrain. The
deal enables AAFS to expand its footprint across George Thomas
the UAE, Bahrain, Kuwait, and India, bringing the
combined entity's branch network to over 410 locations — a 60% increase from AAFS’s current presence.
Additionally, the merger will bolster the workforce to approximately 6,000 employees, enhancing service capabilities
and operational efficiency.

Pivotal role
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."--TradeArabia News Service

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