Page 98 - AAE PR REPORT - August 2024

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

George Thomas, Managing Director of Protiviti Member Firm for the Middle East region. Image Courtesy: Protiviti
M&A
Al Ansari Financial Services signs agreement to

acquire BFC Group Holdings

With strategic advisory from Protiviti Member Firm for the Middle East Region

Press Release

August 7, 2024

Dubai, UAE: 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.

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