Page 87 - AAE PR REPORT - July 2024

7/31/24, 9:41 AM Latest News

Al Ansari Financial Services PJSC Signs

Agreement to Acquire BFC Group Holdings W.L.L.

for USD 200 million

30/07/2024

• AAFS signs an SPA to purchase BFCGH reflecting the Company’s ambitions to expand its geographic

presence and service portfolio to achieve sustainable growth.
• With this acquisition, AAFS is poised to become the leading provider of foreign exchange and remittance

services across the Gulf Region with
• A total of more than 410 branches across the UAE, Bahrain, Kuwait and India.
• Combined workforce of approximately 6,000 employees (a 25% increase).

• FY23 consolidated revenues of AAFS and BFCGH: ~USD 385 million (AED 1.4 billion) a 22% rise from
AAFS reported revenue.

• The acquisition purchase price is USD 200 million (AED 735 million). AAFS intends to secure financing
under customary market terms to finance the acquisition.

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