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Al Ansari to acquire BFC Group for $200 mil lion

Gulf Today · 31 Jul 2024

DUBAI: Al Ansari Fin an cial Ser vices (AAFS) has signed a Sales and Pur chase Agree ment (SPA)

to pur chase 100 per cent of BFC Group Hold ings W.L.L., (BFCGH), a prom in ent for eign
exchange and rem it ance group incor por ated in Bahrain, for a total acquis i tion pur chase price
of $200 mil lion (Dhs735 mil lion). AAFS plans to secure n an cing under cus tom ary mar ket

terms to n ance the acquis i tion.
The acquis i tion will enable AAFS to expand its geo graphic pres ence and become the largest
rem it ance and exchange pro vider in the GCC region by branch net work. The com bined entity
will have over 410 branches (a 60 per cent increase on AAFS’S cur rent branch net work) across
the UAE, Bahrain, Kuwait, and India, sup por ted by a work force of approx im ately 6,000

employ ees (a 25 per cent increase on AAFS’S cur rent work force).
Rashed Ali Al Ansari, Group CEO of AAFS, remarked, “This stra tegic acquis i tion rep res ents a
pivotal moment in our growth tra ject ory, estab lish ing our Com pany as the lead ing for eign

exchange and rem it ance ser vice pro vider in the Gulf region. By broad en ing our cus tomer base
and extend ing our ser vices across the GCC and India, we aim to provide a wider audi ence with
access to our com pre hens ive rem it ance and for eign exchange solu tions. This move not only
enhances our regional pres ence but also aligns with our broader strategy of diver si c a tion
and expan sion into new mar kets. Ulti mately, this trans ac tion is designed to deliver sus tain -

able value and optimal returns for our share hold ers.”

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