The acquisition makes the Dubai-based company the largest remittance and foreign exchange service provider in the GCC region by branch network.
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Published date: Tuesday, July 30, 2024 10:56 AM
Al Ansari Financial Services announced on Tuesday that it has fully acquired Bahrain-based BFC Group for $200 million (735 million dirhams).
The combined company’s consolidated revenue will be AED 1.4 billion for fiscal year 2023, up 22 percent compared to Al Ansari’s reported revenue.
The acquisition makes the Dubai-based company the largest remittance and foreign exchange service provider in the GCC region with a branch network of over 410 locations. The new deal expands Al Ansari’s current branch network by 60 percent across the UAE, Bahrain, Kuwait and India. Similarly, its employee headcount will grow by 25 percent to 6,000 across the region.
The Dubai-based company plans to secure financing on customary market terms to fund the acquisition.
The acquisition is subject to regulatory approval.
“This move not only strengthens our regional presence but also fits into our broader strategy of diversifying and expanding into new markets,” said Rashid Ali AlAnsari, group CEO of AlAnsari Financial Services.
“There are many similarities which will make this transaction a success. We are in the same industry and understand each other’s business. This is crucial to ensure a smooth transition and handover of the business post-acquisition. There are cost and energy issues as well,” he added.
“Our team has worked tirelessly to build a strong foundation and we are confident that Al Ansari Financial Services PJSC will continue to advance our mission and ensure the best outcomes for our clients and stakeholders. We are confident that this acquisition will undoubtedly produce great results,” said Ebrahim Nono, BFC Group Managing Director and CEO.
