UAE: Al Ansari signs agreement to acquire BFC Group Holdings WLL for USD 200 million
Jul 30, 2024
Abu Dhabi [UAE], July 30 (ANI/WAM): Al Ansari Financial Services (AAFS) has signed a Sales and Purchase Agreement (SPA) to purchase 100 percent of BFC Group Holdings W.L.L., (BFCGH), a prominent foreign exchange and remittance group incorporated in Bahrain, for a total acquisition purchase price of USD 200 million (AED735 million).
AAFS plans to secure financing under customary market terms to finance the acquisition.
The acquisition will enable AAFS to expand its geographic presence and become the largest remittance and exchange provider in the GCC region by branch network.
The combined entity will have over 410 branches (a 60 percent increase on AAFS's current branch network) across the UAE, Bahrain, Kuwait, and India, supported by a workforce of approximately 6,000 employees (a 25 percent increase on AAFS's current workforce).
Rashed Ali Al Ansari, Group CEO of AAFS, remarked, "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, said, "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." (ANI/WAM)
