Al Ansari Financial Services, one of the leading integrated financial services groups in the UAE and the parent of Al Ansari Exchange announced the successful completion of its acquisition of BFC Group Holdings after receiving all the required regulatory approvals.
This takeover solidifies its position as the largest non-banking financial institution (NBFI) in the Gulf region in terms of branch network. The $200 million transaction expands AAFS’s presence across Bahrain, Kuwait and India, increasing the group’s customer base by 29% and branch network by 60%.
Al Ansari Financial Services expects a 13% rise in profits and a 20% increase in revenues following its acquisition of BFC Group Holdings, a competing money exchange business. “After completing the BFC deal, we have become the largest exchange company in the UAE and Bahrain and the third largest in Kuwait,” CNBC Arabia reported, quoting CEO Rashed Al Ansari.
The Group now intends to replicate its digital model across BFC Group entities further strengthening AAFS’s position as a dominant digital-first player in the NBFI landscape.
Strategic Impact and Value Creation
•Market Leadership: AAFS is now the largest non-banking financial services provider in the GCC, reinforcing its dominance in remittances and foreign exchange.
•Geographic Expansion: The acquisition strengthens AAFS’s regional footprint, securing a #1 market position in Bahrain, #3 in Kuwait, and access to a wider customer base in India, in addition to its leading position in the UAE remittance and foreign exchange market.
•Enhanced Digital Capabilities: BFC’s fintech expertise and digital solutions complement AAFS’s growth strategy and current digital solutions, accelerating customer engagement.
•Operational Synergies: The integration is expected to benefit from economies of scale generating cost efficiencies, improving profitability and driving revenue growth.
The integration of BFC enhances AAFS’s operational scale and geographic diversification, creating substantial value for shareholders, customers, and employees, it stated.-
