Page 31 - AAE PR REPORT - July 2024

8/2/24, 1:33 PM Al Ansari Financial Services to Acquire BFC Group for $200 Million
become the largest remittance and exchange provider in the GCC region by branch count.
Additionally, the merger will boost the workforce to nearly 6,000 employees, a 25% increase
over AAFS’s current staff.
For fiscal year 2023, the consolidated revenues of AAFS and BFCGH amounted to approximately
$385 million (AED 1.4 billion). This figure represents a 22% increase over AAFS’s reported
revenue for the same year.

Strategic Significance

Rashed Ali Al Ansari, Group CEO of AAFS, emphasized the strategic importance of the
acquisition, stating, “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
solutions. This move aligns with our broader strategy of diversification and expansion into new
markets.”

Synergies and Future Outlook

The merger will leverage operating and cost synergies to enhance efficiency and service delivery.
AAFS plans to secure market financing for the acquisition, further strengthening its position in
the region.
Ebrahim Nonoo, Managing Director and CEO of BFCGH, expressed enthusiasm about the
acquisition: “We are excited to announce the acquisition of our company by Al Ansari Financial
Services. This strategic move highlights the value and potential of our organization and opens
new opportunities for growth and innovation. We are confident that Al Ansari Financial Services
will continue to drive our mission forward, ensuring the best possible outcomes for our clients
and stakeholders.

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