Page 80 - AAE PR REPORT - July 2024

Dubai’s Al Ansari

swallows Bahrain’s BFC

for $200mn

ByBBN Bureau
July 30, 2024

DUBAI: DFM-listed Al Ansari Financial Services to acquire Bahrain’s BFC Group Holdings WLL
for $200 million to become the largest remittance and exchange service provider in the Gulf
Cooperation Council countries by branch network with more than 410 branches.
The UAE-based integrated financial services group said it would secure financing under
customary market terms to finance the acquisition.
“The transaction closing remains subject to regulatory approvals and satisfaction of certain
conditions precedent agreed between the parties,” the companies said in a statement.
The transaction is anticipated to close by the first quartere of 2025, pending necessary legal
and regulatory approvals.
“The acquisition represents a pivotal moment in our growth trajectory, establishing our
Company as the leading foreign exchange and remittance service provider in the Gulf region,”
Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services PJSC, said.

https://businessbenchmark.news/banking-and-finance/dubais-al-ansari-swallows-bahrains-bfc-
for-200mn/