Al Ansari Financial Services (AAFS) has signed a sales and purchase agreement to acquire BFC Group Holdings, a leading foreign exchange and remittance group headquartered in Bahrain.
The transaction, valued at Dh735 million ($200 million) positions AAFS as the largest remittance and foreign exchange provider in the GCC region by branch network.
The deal enables AAFS to expand its footprint across the UAE, Bahrain, Kuwait, and India, bringing the combined entity’s branch network to over 410 locations — a 60% increase from AAFS’s current presence. Additionally, the merger will bolster the workforce to approximately 6,000 employees, enhancing service capabilities and operational efficiency.
“This move enhances our regional presence and aligns with our broader diversification strategy and expansion into new markets. Ultimately, this transaction is designed to deliver sustainable value and optimal returns for our shareholders,” said Rashed Ali Al Ansari, Group CEO of AAFS.
Protiviti Member Firm was the exclusive financial advisor to AAFS in the transaction.
George Thomas, Managing Director of Protiviti Member Firm for the Middle East region, added: “Protiviti played a pivotal role in this landmark transaction. We were involved right from identifying the opportunity, determining synergies and value creation opportunities, and carrying out comprehensive due diligence on behalf of the buyer.”
