Page 35 - AAE PR REPORT - July 2024
P. 35
Business
UAE’s Al Ansari Financial Services to
acquire Bahraini remittance firm BFC
Group Holdings for $200 million
31/07/2024
2 minutes read
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The acquisition will bring the combined workforce of the companies to 6,000
employees
DFM-listed Al Ansari Financial Services announced Tuesday that it has signed a sales and
purchase agreement to purchase a 100 per cent stake in Bahrain’s BFC Group Holdings WLL
for $200 million (Dh735 million). The UAE-based integrated financial services group said it
would secure financing under customary market terms to finance the acquisition.
“The transaction closing remains subject to regulatory approvals and satisfaction of certain
conditions precedent agreed between the parties,” the companies said in a statement. The
transaction is anticipated to close by the first quartere of 2025, pending necessary legal and
regulatory approvals.
The acquisition will enable Al Ansari Financial Services to expand its presence and “become
the largest remittance and exchange provider in the GCC region by branch network,”
according to a company statement.
https://bazaartimes.com/uaes-al-ansari-financial-services-to-acquire-bahraini-remittance-firm-
bfc-group-holdings-for-200-million/#google_vignette
