– Dubai-listed Al Ansari Financial Services (AAFS) is set to acquire Bahrain’s BFC Group Holdings WLL (BFCGH) for $200 million, aiming to become the largest remittance and exchange provider in the GCC.
– Post-acquisition, Al Ansari will increase its branch network to 410 locations across the UAE, Bahrain, Kuwait, and India, and expand its workforce by 25% to 6,000 employees.
– The combined revenues of AAFS and BFCGH for 2023 reached approximately $385 million, marking a 22% increase over AAFS’s prior revenue. The transaction is anticipated to complete in the first quarter of 2025, following financing arrangements.
Dubai-listed Al Ansari Financial Services (AAFS) will acquire Bahrain’s BFC Group Holdings WLL (BFCGH) in a $200 million deal, positioning itself as the largest remittance and exchange provider in the GCC.
Following the acquisition, Al Ansari, which owns Al Ansari Exchange, will expand its branch network to 410 locations across the UAE, Bahrain, Kuwait, and India, and increase its workforce by 25% to 6,000 employees.
The company plans to arrange financing for the acquisition after finalizing a sales and purchase agreement, with the transaction expected to close in the first quarter of 2025, according to a Dubai Financial Market (DFM) statement.
The combined revenues of AAFS and BFCGH for 2023 were approximately $385 million, reflecting a 22% increase over AAFS’s previous revenue. Established in 1917, BFCGH was the first foreign exchange and financial services firm
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