Dubai, UAE, August 08, 2024: Protiviti Member Firm for the Middle East region, a global consulting firm, proudly announces its role as the exclusive financial advisor to Al Ansari Financial Services PJSC (AAFS) in successfully signing a sales and purchase agreement to acquire BFC Group Holdings W.L.L. (BFCGH). The transaction, valued at $200 million (AED 735 million), marks a significant milestone for AAFS, positioning the company as the largest remittance and foreign exchange provider in the GCC region by branch network.
This acquisition involves the purchase of 100 percent of BFCGH, a leading foreign exchange and remittance group headquartered in Bahrain. 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 percent increase from AAFS’s current presence. Additionally, the merger will bolster the workforce to approximately 6,000 employees, enhancing service capabilities and operational efficiency.
George Thomas, Managing Director of Protiviti Member Firm for the Middle East region, commented: “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. Protiviti has advised diverse businesses on several successful deals in recent years, with a particular focus on the financial services industry. This deal is the third transaction in the currency exchange segment in the past two years, which is a testament to our dominance in this space in the Middle East. Our team worked closely with AAFS and external advisors to facilitate a seamless and smooth transaction.”
Rashed Ali Al Ansari, Group CEO of AAFS, stated: “This strategic acquisition represents a pivotal moment in our growth trajectory, establishing our Company as the leading foreign exchange and remittance service provider in the Gulf region. 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. 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.”
