Dubai-based Al Ansari Financial Services has signed an agreement to purchase 100% of BFC Group Holdings, a prominent foreign exchange and remittance group incorporated in Bahrain, for $200 million. AAFS move comes as part of its regional expansion strategy.

 

A leading integrated financial services group in the UAE, Al Ansari said the acquisition will enable it to expand its geographic presence and become the largest remittance and exchange provider in the GCC region by branch network. 

 

The combined entity will have over 410 branches (a 60% increase on AAFS’s current branch network) across the UAE, Bahrain, Kuwait, and India, supported by a workforce of approximately 6,000 employees (a 25% increase on AAFS’s current workforce), it stated.

 

AAFS recognised BFCGH as a unique player due to its sizeable presence and significant market share across key GCC and Asian markets including Bahrain, Kuwait, and India, said the company in a statement. 

 

The acquisition is aligned with AAFS’s strategic growth pillars of expanding its geographic presence, growing its physical branch network and enhancing its service portfolio. 

 

The integration of BFCGH with AAFS reinforces the Emiarti group’s market leadership and unlocks new avenues for sustainable growth, demonstrating AAFS’s commitment to delivering long-term value to its shareholders, it added.

 

On the strategic move, Group CEO Rashed Ali Al Ansari said: This acquisition represents a pivotal moment in our growth trajectory, establishing our company as the leading foreign exchange and remittance service provider in the Gulf region. 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 not only enhances our regional presence but also aligns with our broader strategy of diversification and expansion into new markets. Ultimately, this transaction is designed to deliver sustainable value and optimal returns for our shareholders," he added.

 

BFCGH Managing Director and CEO Ebrahim Nonoo said: "We are excited to announce the acquisition of our company by Al Ansari Financial Services. This strategic move highlights the value and potential of our organisation and opens new opportunities for growth and innovation."

 

"Our team has worked tirelessly to build a strong foundation, and we are confident that Al Ansari Financial Services will continue to drive our mission forward, ensuring the best possible outcomes for our clients and stakeholders," stated Nonoo. 

 

Established in 1917, BFCGH was the first foreign exchange company and financial services institution in Bahrain and the GCC. It holds a leading position in foreign exchange and money transfer services in the kingdom.

 

"We look forward to seeing the remarkable achievements that will undoubtedly result from this acquisition," he added.-TradeArabia News Service