Page 114 - AAE PR REPORT - APRIL 2025

4/11/25, 9:45 AM Al Ansari BFC Acquisition Boosts GCC Expansion
Validity of BFC’s financial records from 2020

has been in question after Al Ansari’s

acquisition

By Syed Afsha Ali Thursday April 10, 2025

source:Al Ansari Financial Services

DUBAI, United Arab Emirates, Oct. 17, 2023 (GLOBE NEWSWIRE) — Al Ansari Financial Services PJSC (AAFS), a
leading provider of integrated financial services in the UAE, announce that they have officially completed the
acquisition of BFC Group Holdings W.L.L. (BFCGH), a prominent foreign exchange and remittance service provider

in the Kingdom of Bahrain. Valued at around AED 735 million ($200 million), the transaction represents a
significant milestone in AAFS’s planned strategic expansion across the region.

The acquisition reinforces the strength of AAFS’s footprint strategically across the Gulf The Cooperation Council

(GCC) and neighbouring markets. Its combined retail footprint now has more than 410 branches across the UAE,
Bahrain, Kuwait and India , a 60% increase. The staff has grown to nearly 6,000 employees.

Expansion Plans through Strategic Acquisition Rashed Ali Al Ansari, Group CEO of AAFS, underlined the strategic

nature of the deal, noting, “This acquisition is a strategic move in our growth journey, positioning AAFS as the
region’s leading service provider in foreign exchange and remittance.”

Since its launch in 1917, BFC Group, which has more than 100 years of experience, also holds a strong foothold in

Bahrain, Kuwait and India. With AAFS this collaboration is designed to assist with improved service capabilities, a
wider customer reach, and greater all-around operational efficiency.

Pro forma for the transaction, the combined company has estimated 2023 pro forma revenues of approximately

$385 million (AED 1.4 billion) — a pro forma growth rate of 22% relative to AAFS’s stand-alone revenue. This

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