Al Ansari Financial Services announced on Tuesday that it has fully acquired Bahrain-based BFC Group for $200 million (Dh735 million). The combined entity's consolidated revenues for the 2023 financial year reached Dh1.4 billion, marking a 22 percent increase compared to Al Ansari’s reported revenues.
This acquisition will position the Dubai-based company as the largest remittances and exchange service provider in the GCC region, with over 410 branches. The deal will expand Al Ansari’s branch network by 60 percent across the UAE, Bahrain, Kuwait, and India, and increase its workforce by 25 percent to 6,000 employees.
Al Ansari plans to secure financing under customary market terms to fund the acquisition, which is subject to regulatory approvals. Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services, highlighted that this move enhances their regional presence and aligns with their strategy of diversification and expansion into new markets.
He noted the similarities between the two companies, which he believes will ensure a smooth transition post-acquisition. Ebrahim Nonoo, managing director and CEO of BFC Group, expressed confidence in the continued success of Al Ansari Financial Services PJSC and looked forward to the remarkable achievements resulting from this acquisition.
