Al Ansari Financial Services has announced the complete acquisition of Bahrain-based BFC Group for $200 million (Dh735 million). The merger positions the Dubai-based firm as the largest provider of remittances and exchange services in the GCC region, boasting over 410 branches. The combined entity reported consolidated revenues of Dh1.4 billion for the 2023 financial year, marking a 22% increase compared to Al Ansari's previous revenues. This acquisition expands Al Ansari’s branch network by 60% across the UAE, Bahrain, Kuwait, and India and grows its workforce by 25% to 6,000 employees.

The acquisition, which awaits regulatory approval, aligns with Al Ansari’s strategy of diversification and regional expansion. The company plans to secure financing under standard market terms to fund the deal. Rashed Ali Al Ansari, Group CEO, highlighted that the acquisition enhances their regional presence and leverages synergies due to the similarities between the two companies' operations, ensuring a smooth transition. Ebrahim Nonoo, Managing Director and CEO of BFC Group, expressed confidence that the merger would lead to remarkable achievements, benefiting clients and stakeholders alike.