Al Ansari Financial Services (AAFS), a leading integrated financial services group in the UAE and the parent of Al Ansari Exchange, announced the successful completion of its acquisition of BFC Group Holdings (BFC).
The company said it received all the required regulatory approvals for the $200 million acquisition deal.
Al Ansari Financial Services completes acquisition
The acquisition makes Al Ansari Financial Services the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region in terms of branch network, the company said.
The BFC buyout expands Al Ansari Financial Services’ presence across Bahrain, Kuwait and India, increasing the Group’s customer base by 29 per cent and branch network by 60 per cent, it said.
The integration with BFC will also enhance the company’s operational scale and geographic diversification, creating substantial value for shareholders, customers, and employees,” Al Ansari Financial Services said.
Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said the acquisition represents a pivotal step for Al Ansari Financial Services, underscoring its dedication to regional growth, innovation, besides enhancing the company’s financial strength.
“We are confident that this move will deliver long-term value for our shareholders. Moreover, the anticipated boost in cash flow post-integration reinforces our commitment to providing strong returns for our investors,” he said.
The company said the acquisition will be immediately earnings-accretive, with an estimated 20 per cent increase in operating income and a 13 per cent growth in net profit.
The integration with BFC will also lead to stronger cash flow generation, enhancing dividend distribution potential, the company said.
The acquisition of BFC is also expected to unlock further opportunities for strategic partnerships, product innovation, and market penetration across key remittance corridors, it said.
