Page 41 - AAE PR REPORT - July 2024

8/2/24, 1:36 PM Dubai's Al Ansari Set to Purchase Bahrain's BFC Group for USD 200M - WAYA
Following the acquisition, Al Ansari, which owns Al Ansari Exchange, will expand its branch network to
410 locations across the UAE, Bahrain, Kuwait, and India, and increase its workforce by 25% to 6,000
employees.

The company plans to arrange financing for the acquisition after finalizing a sales and purchase
agreement, with the transaction expected to close in the first quarter of 2025, according to a Dubai
Financial Market (DFM) statement.

The combined revenues of AAFS and BFCGH for 2023 were approximately $385 million, reflecting a
22% increase over AAFS’s previous revenue. Established in 1917, BFCGH was the first foreign
exchange and financial services firm

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