Al Ansari completes acquisition of Bahrain's BFC Group
MANAMA, 13 days ago
Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE and the parent of Al Ansari Exchange, today (April 10) announced the successful completion of its acquisition of BFC Group Holdings after receiving all the required regulatory approvals.
This takeover solidifies its position as the largest non-banking financial institution (NBFI) in the Gulf region in terms of branch network.
This transformative $200 million transaction expands AAFS’s presence across Bahrain, Kuwait and India, increasing the group’s customer base by 29% and branch network by 60%.
AAFS has long been at the forefront of digital innovation in the financial services sector. With its award-winning Al Ansari Exchange app and a full suite of advanced digital solutions, the Group continues to lead the market in delivering seamless, secure, and customer-centric experiences.
AAFS has also been actively integrating artificial intelligence across various business functions to enhance efficiency, personalisation and fraud prevention.
The Group now intends to replicate its digital model across BFC Group entities further strengthening AAFS’s position as a dominant digital-first player in the NBFI landscape.
Strategic Impact and Value Creation
•Market Leadership: AAFS is now the largest non-banking financial services provider in the GCC, reinforcing its dominance in remittances and foreign exchange.
•Geographic Expansion: The acquisition strengthens AAFS’s regional footprint, securing a #1 market position in Bahrain, #3 in Kuwait, and access to a wider customer base in India, in addition to its leading position in the UAE remittance and foreign exchange market.
•Enhanced Digital Capabilities: BFC’s fintech expertise and digital solutions complement AAFS’s growth strategy and current digital solutions, accelerating customer engagement.
•Operational Synergies: The integration is expected to benefit from economies of scale generating cost efficiencies, improving profitability and driving revenue growth.
The integration of BFC enhances AAFS’s operational scale and geographic diversification, creating substantial value for shareholders, customers, and employees, it stated.-TradeArabia News Service
