Page 95 - AAE PR REPORT - July 2024

Historical Significance of BFCGH
Established in 1917, BFC Group Holdings WLL is the first foreign exchange company and
financial services institution in Bahrain and the wider GCC region. This rich history and
established reputation will be a nice complement to AAFS’s capabilities, improving its
market positioning and operational efficiency.
Strategic Financing and Timeline
In fact, according to disclosures made on the Dubai Financial Market, Al Ansari Exchange
will look for financing for the acquisition only when the definitive sales and purchase
agreement has been signed. The transaction is expected to be completed in the first
quarter of 2025, subject to obtaining the necessary regulatory approvals and other
conditions precedent that are customarily applicable to similar transactions.
Market Impact and Future Outlook
The acquisition of BFCGH has positioned AAFS as a leader in the GCC remittance and
exchange market, with an opportunity to drive synergies and economies of scale. Having
further solidified its presence across the key GCC markets and India, AAFS is aggressively
pursuing opportunities presented by this evolving remittance and financial services
landscape to further fuel growth and innovation.
The acquisition of BFC Group Holdings WLL by Al Ansari Financial Services will be a giant
step in its strategic growth plan. Through the deal, AAFS will increase its geographic
footprint, boost operational capacity, and drive home its commitment to facilitating
improved financial services across the GCC region. The integration process will, therefore,
be keenly followed by stakeholders and others as it affects AAFS’ position in the market
and its financial performance as the transaction works through its final stages of
completion.
The acquisition underlines the Group’s approach of proactive consolidation of market
leadership of AAFS and paves the way for further expansion and innovation in this
aggressive remittance and exchange competitive environment.

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