Page 100 - AAE PR REPORT - APRIL 2025

4/11/25, 9:39 AM AAFS completes $200m acquisition of BFC

News
Al Ansari Financial Services completes $200 million acquisition of Bahrain’s
BFC Group

April 10, 2025
Date:

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Al Ansari Financial Services (AAFS), one of the UAE’s leading financial services providers, has finalized its acquisition of Bahrain-
based BFC Group Holdings (BFCGH) for $200 million (AED 735 million). This landmark transaction positions AAFS as the largest
remittance and foreign exchange provider in the Gulf Cooperation Council (GCC) region by branch network, marking a significant
milestone in its expansion strategy.
Strategic Expansion Across GCC and India

The acquisition is set to transform AAFS’s geographic footprint, adding more than 160 branches of BFCGH to its existing network.
With this move, AAFS will operate over 410 branches across the UAE, Bahrain, Kuwait, and India—a 60% increase in its branch
network. This expansion solidifies AAFS’s leadership in the financial services sector and enhances its ability to serve diverse markets
within the GCC and beyond.
Rashed Ali Al Ansari, group CEO of AAFS, emphasized the strategic importance of this acquisition: “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 enhances our regional presence and aligns with our broader strategy of diversification and
expansion into new markets.”
Strengthened Market Position

BFC Group Holdings brings nearly a century of expertise in foreign exchange and remittance services. Established in 1917, BFCGH
holds a strong market position in Bahrain and operates globally through partnerships with MoneyGram, Transfast, and EzRemit. The
company’s extensive reach includes over 400,000 agent locations in more than 200 countries.

Ebrahim Nonoo, managing director and CEO of BFCGH, expressed optimism about the merger: “This strategic move highlights the
value and potential of our organization and opens new opportunities for growth and innovation. We are confident that Al Ansari
Financial Services will continue to drive our mission forward.”
Financial Impact

The combined revenues of AAFS and BFCGH reached approximately $385 million (AED 1.40 billion) in 2023—a 22% increase
compared to AAFS’s standalone revenue. This financial boost reflects the synergy between the two entities and underscores the
potential for sustainable growth.
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