Page 82 - AAE PR REPORT - July 2024

Al Ansari Financial Services Buys BFC

Group Holdings For $200 Million To Boost

GCC Operations

By OneArabia
Published: Tuesday, July 30, 2024, 16:30 [GST]

Al Ansari Financial Services (AAFS) has entered into a Sales and Purchase Agreement
(SPA) to acquire 100 percent of BFC Group Holdings W.L.L. (BFCGH). This prominent
foreign exchange and remittance group, based in Bahrain, will be purchased for US$200
million (AED735 million). AAFS intends to secure financing under standard market
conditions to fund this acquisition.
Rashed Ali Al Ansari, Group CEO of AAFS, commented, "This strategic 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. 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. This move not only enhances our regional presence but
also aligns with our broader strategy of diversification and expansion into new markets.
Ultimately, this transaction is designed to deliver sustainable value and optimal returns
for our shareholders."

https://www.onearabia.me/business/al-ansari-acquires-bfc-group-holdings-for-200-million-011-
57305.html