Page 34 - AAE PR REPORT - July 2024

Al Ansari Financial Services to Acquire BFC Group Holdings for

$200m

Dubai – Mubasher: Al Ansari Financial Services has signed a sales and purchase agreement to fully acquire
Bahrain-based BFC Group Holdings W.L.L., (BFCGH) for $200 million (AED 735 million).
The acquisition will enable the DFM-listed company to expand its geographic presence and become the largest
remittance and exchange provider in the GCC region by branch network, according to a press release.
The transaction is expected to be completed within six months from the signing date of 29 July 2029.
Meanwhile, the combined entity will have more than 410 branches, marking a 60% increase in Al Ansari Financial
Services‘ current branch network across the UAE, Bahrain, Kuwait, and India.
The acquisition aligns with the UAE-based company’s objectives to widen its footprint and boost its service
portfolio. The integration will also reinforce its market leadership and unlock new avenues for sustainable growth.
The consolidated revenues of the two companies in 2023 amounted to approximately $385 million (AED 1.40
billion), reflecting a 22% rise compared to Al Ansari Financial Services’ reported revenue.
Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services, commented: “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.”
Al Ansari noted: “This move not only enhances our 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.”
Ebrahim Nonoo, Managing Director and CEO of BFCGH, said: “This strategic move highlights the value and
potential of our organisation and opens new opportunities for growth and innovation. We look forward to seeing the
remarkable achievements that will undoubtedly result from this acquisition.”
In April, Al Ansari Exchange, a unit of Al Ansari Financial Services, teamed up with Al Etihad Payments to foster
seamless payments.
Mubasher Contribution Time: 31-Jul-2024 05:58 (GMT)
Mubasher Last Update Time: 31-Jul-2024 05:59 (GMT)

https://www.decypha.com/en/news/details/Al-Ansari-Financial-Services-to-Acquire-BFC-Group-
Holdings-for--200m/21429769