Page 81 - AAE PR REPORT - July 2024

Expanding geographic presence

Al Ansari said it recognises BFC Group Holdings WLL as a unique player due to its sizeable
presence and market share across key GCC and Asian markets including Bahrain, Kuwait, and
India.
“The acquisition is aligned with Al Ansari’s strategic growth pillars of expanding its geographic
presence, growing its physical branch network and enhancing its service portfolio,” it said.
The consolidated revenues of Al Ansari and BFC Group for full-year 2023 amounted to
approximately $385 million (Dh1.4 billion), reflecting a 22 per cent rise compared to Al Ansari’s
reported revenue.
The consolidated revenues of AAFS and BFCGH for the full year 2023 amounted to
approximately $385 million, a 22 per cent increase on AAFS’s reported revenue.
BFCGH, established in 1917, was the first foreign exchange company and financial services
institution in Bahrain and the GCC, the disclosure said.
“By broadening our customer base and extending our services across the GCC and India, we
aim to provide a wider audience with access to our comprehensive remittance and foreign
exchange solutions,” Al Ansari said.
“This strategic move highlights the value and potential of our organisation and opens new
opportunities for growth and innovation,” Ebrahim Nonoo, Managing Director and CEO of
BFCGH, said.

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