Page 73 - AAE PR REPORT - July 2024
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7/31/24, 9:39 AM Al Ansari Financial Services to acquire BFC Group Holdings
Al Ansari Financial Services to acquire
BFC Group Holdings
Tue, 30 Jul, 2024 By News Desk, GCC Business News
Image via: Al Ansari Financial Services | Cropped by GBN
Al Ansari Financial Services PJSC, the UAE’s prominent integrated financial
services group, has signed a Sales and Purchase Agreement (SPA) to
purchase 100 percent of BFC Group Holdings for $200 million.
This acquisition will further reinforce AAFS position as the prominent remittance
and exchange provider in the GCC region. The combined entity will have more
than 410 branches located in the UAE, Bahrain, Kuwait and India with a workforce
of around 6000 employees.
AAFS recognized BFCGH as a distinct player due to its significant presence and
market share across markets in Bahrain, Kuwait and India. This acquisition falls in
line with AAFS’s commitment to expanding its geographical reach, growing its
physical branch network and enhancing its service portfolio. The integration of
BFCGH with AAFS strengthens the market leadership of AAFS and opens door to
new avenues for sustainable growth.
The AAFS and BFCGH’s consolidated revenues for FY 23 amounted to
approximately $385 million. This shows 22 percent rise compared to AAFS’s
reported revenue. The transaction is expected to close in the early 2025, subject
to necessary legal and regulatory approvals in the relevant jurisdictions where
BFCGH operates, and the satisfaction of certain conditions precedent agreed
between AAFS and BFCGH.
https://www.gccbusinessnews.com/al-ansari-financial-services-acquires-bfc/ 1/2
