Dubai, UAE – Al Ansari Financial Services PJSC (“AAFS” or the “Company”) (DFM: ALANSARI), a leading integrated financial services group in the UAE, has signed a Sales and Purchase Agreement (“SPA”) to acquire 100% of BFC Group Holdings W.L.L. (“BFCGH”), a prominent foreign exchange and remittance group based in Bahrain. The acquisition, valued at USD 200 million (AED 735 million), is a strategic move to solidify AAFS’s position as the largest provider of foreign exchange and remittance services in the Gulf Cooperation Council (GCC) region.
This acquisition marks a significant milestone in AAFS’s expansion strategy, increasing its branch network by 60% to over 410 branches across the UAE, Bahrain, Kuwait, and India. The combined entity will employ approximately 6,000 individuals, a 25% increase from AAFS’s current workforce. The consolidated revenues of AAFS and BFCGH for the fiscal year 2023 are projected to be approximately USD 385 million (AED 1.4 billion), reflecting a 22% increase compared to AAFS’s standalone revenue.
Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services PJSC, commented on the acquisition: “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.”
Ebrahim Nonoo, Managing Director and CEO of BFCGH, added, “We are excited to announce the acquisition of our company by Al Ansari Financial Services PJSC. 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.”
The transaction is expected to close by Q1 2025, subject to regulatory approvals and the satisfaction of customary conditions precedent. AAFS plans to secure financing for the acquisition under standard market terms.
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 Bahrain, making it a valuable addition to AAFS’s expanding portfolio.
