Al Ansari Financial Services has entered into a Sales and Purchase Agreement to acquire 100 percent of BFC Group Holdings W.L.L. (BFCGH). This prominent foreign exchange and remittance group, based in Bahrain, will be purchased for US$200 million (AED735 million). AAFS intends to secure financing under standard market conditions to fund this acquisition.
Rashed Ali Al Ansari, Group CEO of AAFS, commented, “This strategic 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.”
The acquisition will significantly expand AAFS’s geographic footprint. The combined entity will boast over 410 branches across the UAE, Bahrain, Kuwait, and India. This marks a 60 percent increase from AAFS’s current branch network. Additionally, the workforce will grow by 25 percent, reaching approximately 6,000 employees.
Ebrahim Nonoo, Managing Director and CEO of BFCGH, stated, “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 PJSC will continue to drive our mission forward, ensuring the best possible outcomes for our clients and stakeholders. We look forward to seeing the remarkable achievements that will undoubtedly result from this acquisition.”
AAFS aims to become the largest remittance and exchange provider in the GCC region by branch network through this acquisition. The expansion aligns with their broader strategy of diversification into new markets while enhancing their regional presence.
This acquisition is expected to deliver sustainable value and optimal returns for AAFS shareholders. By broadening their customer base and extending services across the GCC and India, AAFS plans to offer comprehensive remittance and foreign exchange solutions to a wider audience.
The combined entity’s increased branch network across multiple countries will strengthen its market position. With a larger workforce supporting operations, AAFS is poised for significant growth in the foreign exchange and remittance sector.
The deal underscores the potential for growth within BFCGH under new ownership. Al Ansari Financial Services PJSC is expected to drive forward BFCGH’s mission while ensuring positive outcomes for clients and stakeholders.
This acquisition marks an important step in AAFS’s journey towards becoming a leading player in the financial services industry within the Gulf region.
