Page 32 - AAE PR REPORT - July 2024

Al Ansari to acquire Bahrain’s BFC

Group Holdings for $200 million

The strategic acquisition will allow Al Ansari to expand its geographic presence and
become the largest remittance and exchange in the GCC region

By
Arabiya Capital Staff
-
July 30, 2024

The transaction is expected to close by Q1 2025, subject to
necessary legal and regulatory approvals in the relevant jurisdictions. Image
credit: Supplied
Dubai’s Al Ansari Financial Services (Al Ansari) has agreed to acquire 100% of
Bahrain’s BFC Group Holdings (BFC) for $200 million (AED 735 million).

Al Ansari plans to secure financing for the acquisition under customary market
terms.

The strategic acquisition will allow Al Ansari to expand its geographic presence
and become the largest remittance and exchange provider in the GCC region by
branch network.

“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,” said Rashed Ali Al
Ansari, Group CEO of Al Ansari Financial Services.

“This move not only enhances aour regional presence but also aligns with our
broader strategy of diversification and expansion into new markets. Ultimately,
this transaction is designed to deliver sustainable value and optimal returns for
our shareholders.”

The combined entity will boast over 410 branches (a 60% increase over AAFS’s
current branch network) across the UAE, Bahrain, Kuwait, and India, supported
by a workforce of approximately 6,000 employees (a 25% increase over AAFS’s
current workforce).

https://www.arabiya-capital.com/banking-and-finance/digital-payments/al-ansari-to-acquire-
bahrains-bfc-group-holdings-for-200-million/