Al Ansari Financial Services on Tuesday said that it has fully acquired Bahrain-based BFC Group for $200 million (Dh735 million).
The consolidated revenues of the combined entity stood at Dh1.4 billion for the 2023 financial year, a 22 per cent rise compared to Al Ansari’s reported revenues.
The acquisition will make the Dubai-based company the largest remittances and exchange service provider in the GCC region by branch network with more than 410 branches. The new deal will increase Al Ansari’s current branch network by 60 per cent across the UAE, Bahrain, Kuwait and India. Similarly, its workforce will expand by 25 per cent to 6,000 employees across the region.
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The Dubai-based company plans to secure financing under customary market terms to fund the acquisition.
The acquisition is subject to regulatory approvals.
“This move not only enhances our regional presence but also aligns with our broader strategy of diversification and expansion into new markets,” said Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services.
“There are a lot of similarities which make this a successful deal. We are from the same industry and understand each other’s business. This is pivotal because it ensures smooth handover and handing over of the business post-acquisition. There will be cost energies also,” 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 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,” said Ebrahim Nonoo, managing director and CEO of BFC Group.