Al Ansari Financial Services PJSC (AAFS) has significantly expanded its market dominance by acquiring BFC Group Holdings WLL (BFCGH) in a $200 million deal. This acquisition marks a pivotal moment for AAFS, positioning it as the GCC region’s largest remittance and foreign exchange provider by branch network.
Protiviti, a Member Firm for the Middle East region, played a crucial role in this strategic transaction, serving as the exclusive financial advisor to AAFS. George Thomas, Managing Director of Protiviti Member Firm for the Middle East region, highlighted the firm’s contribution: “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.” The consulting firm’s expertise in the financial services industry proved invaluable in conducting comprehensive due diligence and identifying synergies between the two companies.
The acquisition of BFCGH, a leading foreign exchange and remittance group headquartered in Bahrain, will enable AAFS to expand its reach across the UAE, Bahrain, Kuwait, and India. With over 410 branches and a combined workforce of approximately 6,000 employees, the merged entity is poised to offer its customers enhanced services and operational efficiency.
Rashed Ali Al Ansari, Group CEO of AAFS, expressed his enthusiasm for the acquisition, highlighting its strategic importance in the company’s growth journey. The deal is expected to strengthen AAFS’s market position, diversify its revenue streams, and deliver substantial value to shareholders.
Future Prospects
This acquisition aligns with AAFS’s broader strategy of regional expansion and diversification. By integrating BFCGH’s operations, AAFS aims to deliver sustainable value and optimal returns for its shareholders. The deal also reinforces AAFS’s commitment to enhancing its service offerings and expanding its reach across the Gulf and Indian markets.
As AAFS strengthens its position as a leading player in the foreign exchange and remittance industry, this acquisition is not just about the present but about setting the stage for future success. It is expected to drive significant growth and innovation, paving the way for AAFS to thrive in an increasingly competitive market, instilling a sense of optimism in stakeholders about the company’s future.
