Page 108 - AAE PR REPORT - August 2024

8/13/24, 2:06 PM Al Ansari Financial Services signs agreement to acquire BFC Group Holdings - Middle East News 247
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 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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