Al Ansari Financial Services Completes Acquisition of Bahrain’s BFC Group for AED 735 million

Dubai, UAE – 30 July 2024 – Al Ansari Financial Services, a leading UAE-based provider of remittance and foreign exchange services, has successfully acquired 100% of Bahrain Financing Company (BFC Group Holdings W.L.L.) for USD 200 million (AED 735 million).

This strategic acquisition positions Al Ansari Financial Services as the largest remittance and exchange service provider in the GCC region by branch network, with over 410 branches across the UAE, Bahrain, Kuwait, and India. The deal also expands the company’s workforce by 25%, bringing the total number of employees to approximately 6,000.

The combined entity’s consolidated revenues for the fiscal year 2023 reached AED 1.4 billion, marking a 22% increase compared to Al Ansari’s standalone revenues. The acquisition is subject to customary regulatory approvals and is expected to enhance the company’s regional presence and service offerings.

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