Page 62 - AAE PR REPORT - July 2024

marks a 60 percent increase from AAFS’s current branch network. Additionally, the
workforce will grow by 25 percent, reaching approximately 6,000 employees.
Ebrahim Nonoo, Managing Director and CEO of BFCGH, stated, “This strategic move
highlights the value and potential of our organisation and opens new opportunities
for growth and innovation. Our team has worked tirelessly to build a strong
foundation, and we are confident that Al Ansari Financial Services PJSC will continue
to drive our mission forward, ensuring the best possible outcomes for our clients and
stakeholders. We look forward to seeing the remarkable achievements that will
undoubtedly result from this acquisition.”
AAFS aims to become the largest remittance and exchange provider in the GCC region
by branch network through this acquisition. The expansion aligns with their broader
strategy of diversification into new markets while enhancing their regional presence.
This acquisition is expected to deliver sustainable value and optimal returns for AAFS
shareholders. By broadening their customer base and extending services across the
GCC and India, AAFS plans to offer comprehensive remittance and foreign exchange
solutions to a wider audience.
The combined entity’s increased branch network across multiple countries will
strengthen its market position. With a larger workforce supporting operations, AAFS
is poised for significant growth in the foreign exchange and remittance sector.
The deal underscores the potential for growth within BFCGH under new ownership. Al
Ansari Financial Services PJSC is expected to drive forward BFCGH’s mission while
ensuring positive outcomes for clients and stakeholders.
This acquisition marks an important step in AAFS’s journey towards becoming a
leading player in the financial services industry within the Gulf region.

https://www.worldfinanceinforms.com/news/al-ansari-financial-services-buys-bfc-group-
holdings-for-200-million-to-boost-gcc-operations/