Page 78 - AAE PR REPORT - July 2024

7/31/24, 9:39 AM Al Ansari Financial Services to Acquire Bahrain’s BFC Group for $200 Million - Serrari Group

Al Ansari Financial Services to Acquire

Bahrain’s BFC Group for $200 Million

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In a landmark move poised to reshape the financial services landscape of the Gulf Cooperation
Council (GCC), Dubai-listed Al Ansari Financial Services (AAFS) has announced its acquisition of
Bahrain’s BFC Group Holdings WLL (BFCGH) for a substantial $200 million. This strategic acquisition
will catapult Al Ansari into the position of the largest remittance and exchange provider in the GCC,
significantly enhancing its regional footprint and service capabilities.

The parent company of Al Ansari Exchange, Al Ansari Financial Services, disclosed this major
acquisition through the Dubai Financial Market (DFM). The deal is expected to elevate the number of
Al Ansari’s branches to an impressive 410, spanning across the UAE, Bahrain, Kuwait, and India.
Additionally, the workforce will see a 25% increase, bringing the total number of employees to
approximately 6,000.

Expansion and Financial Strategy
To facilitate this acquisition, Al Ansari plans to secure financing after the signing of the sales and
purchase agreement, with the transaction slated for completion in the first quarter of 2025. This
strategic financial maneuver underscores Al Ansari’s commitment to solidifying its market position and
expanding its operational reach.

The combined entities are anticipated to drive substantial growth, with consolidated revenues for AAFS
and BFCGH in the full year 2023 reaching approximately $385 million. This marks a notable 22%
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