Page 106 - AAE PR REPORT - August 2024

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."

Enhanced Service Capabilities

Thomas added that Protiviti has advised diverse businesses on several successful deals in recent
years, particularly focusing on the financial services industry. He noted that this deal is the third
transaction in the currency exchange segment in the past two years. "Our team worked closely with
AAFS and external advisors to facilitate a seamless and smooth transaction," he said.
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." He emphasized that by broadening their customer
base and extending services across the GCC and India, they aim to provide more people with
access to their comprehensive remittance and foreign exchange solutions.
Broader Diversification Strategy

Al Ansari further explained that this move enhances their regional presence and aligns with their
broader diversification strategy and expansion into new markets. "Ultimately, this transaction is
designed to deliver sustainable value and optimal returns for our shareholders," he concluded.

This acquisition marks a significant step for AAFS as it continues to grow its footprint in key
markets. The expanded branch network and increased workforce are expected to improve service
delivery and operational efficiency significantly.

The deal underscores Protiviti's expertise in advising on high-profile transactions within the
financial services sector. Their involvement from initial opportunity identification through to due
diligence highlights their comprehensive approach to facilitating successful mergers and
acquisitions.
The combined entity's enhanced capabilities are anticipated to benefit customers across multiple
regions by providing more accessible remittance and foreign exchange services. This strategic
move aligns with AAFS's long-term goals of market expansion and diversification.

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