Dubai’s Al Ansari Financial Services (Al Ansari) has agreed to acquire 100% of Bahrain’s BFC Group Holdings (BFC) for $200 million (AED 735 million).
Al Ansari plans to secure financing for the acquisition under customary market terms.
The strategic acquisition will allow Al Ansari to expand its geographic presence and become the largest remittance and exchange provider in the GCC region by branch network.
“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,” said Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services.
“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.”
The combined entity will boast over 410 branches (a 60% increase over AAFS’s current branch network) across the UAE, Bahrain, Kuwait, and India, supported by a workforce of approximately 6,000 employees (a 25% increase over AAFS’s current workforce).
Al Ansari recognised BFC as a unique player with a substantial market presence and significant market share across key GCC and Asian markets, including Bahrain, Kuwait, and India.
The acquisition aligns with Al Ansari’s strategic growth objectives of expanding its geographic footprint, growing its physical branch network, and enhancing its service portfolio. Integrating BFC with Al Ansari reinforces the UAE exchange’s market leadership and unlocks new avenues for sustainable growth, demonstrating the company’s commitment to delivering long-term value to its shareholders.
The consolidated revenues of Al Ansari and BFC for FY 2023 amounted to approximately $385 million (AED 1.4 billion), reflecting a 22% rise compared to Al Ansari’s reported revenue. Leveraging operating and cost synergies in the post-acquisition phase will significantly benefit AAFS.
The transaction is expected to close by Q1 2025, subject to necessary legal and regulatory approvals in the relevant jurisdictions.
