Page 94 - AAE PR REPORT - July 2024

Al Ansari Financial Services to Acquire BFC

Group Holdings: Strengthening Presence in the

GCC Remittance Market

By Anusrita GhoshTuesday July 30, 2024

Overview of the Acquisition
Al Ansari Financial Services, a major listed company on the Dubai Financial Market,
yesterday acquired Bahrain’s BFC Group Holdings WLL for $200 million. The acquisition
would further cement AAFS’s position as the GCC region’s leader in remittance and
exchange services.

PC: Arab News
Expansion of Branches and Manpower
This transaction will add substantial scale to its subsidiary, AAFS’s Al Ansari Exchange. The
branch count will jump to 410, spread across the United Arab Emirates, Bahrain, Kuwait,
and India. Employees list of 6,000 will increase by 25%.
Details of Financial Merger and Strategic Impact
The merger of AAFS and BFCGH is likely to attract substantial financial revenues.
Combined revenues for the full year 2023 were approximately $385 million, representing
about 22% growth over AAFS’s standalone reported revenues. This acquisition further
underlines AAFS’s commitment to building scale in market share and operations in the
remittance and financial services segments of the GCC.

https://www.businessoutreach.in/al-ansari-financial-services-to-acquire-bfc-group-
holdings/#google_vignette