Al Ansari Financial Services PJSC, the UAE’s prominent integrated financial services group, has signed a Sales and Purchase Agreement (SPA) to purchase 100 percent of BFC Group Holdings for $200 million.
This acquisition will further reinforce AAFS position as the prominent remittance and exchange provider in the GCC region. The combined entity will have more than 410 branches located in the UAE, Bahrain, Kuwait and India with a workforce of around 6000 employees.
AAFS recognized BFCGH as a distinct player due to its significant presence and market share across markets in Bahrain, Kuwait and India. This acquisition falls in line with AAFS’s commitment to expanding its geographical reach, growing its physical branch network and enhancing its service portfolio. The integration of BFCGH with AAFS strengthens the market leadership of AAFS and opens door to new avenues for sustainable growth.
The AAFS and BFCGH’s consolidated revenues for FY 23 amounted to approximately $385 million. This shows 22 percent rise compared to AAFS’s reported revenue. The transaction is expected to close in the early 2025, subject to necessary legal and regulatory approvals in the relevant jurisdictions where BFCGH operates, and the satisfaction of certain conditions precedent agreed between AAFS and BFCGH.
Rashed Ali Al Ansari CEO – Al Ansari Financial Services PJSC
“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, expressed his enthusiasm that, “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 organization 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,” Nonoo added.
