Page 55 - AAE PR REPORT - July 2024
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7/31/24, 9:29 AM Dubai’s Al Ansari to acquire Bahrain’s BFC Group for $200mln
Al Ansari, which is the parent company of Al Ansari Exchange, said the acquisition will take its number of
branches to 410 across the UAE, Bahrain, Kuwait and India, with employees increasing by 25% to
6,000.
The company plans to secure financing for the acquisition following the signing of a sales and purchase
agreement, according to a Dubai Financial Market (DFM) disclosure, with the transaction to be
completed in the first quarter of 2025.
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The consolidated revenues of AAFS and BFCGH for the full year 2023 amounted to approximately $385
million, a 22% increase on AAFS’s reported revenue.
BFCGH, established in 1917, was the first foreign exchange company and financial services institution
in Bahrain and the GCC, the disclosure said.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
https://www.zawya.com/en/markets/equities/dubais-al-ansari-to-acquire-bahrains-bfc-group-for-200mln-pw52kb6w 2/3
