By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Dubai’s Al Ansari Financial Services Completes Full Acquisition of Bahrain’s BFC Group for Dh735 million – News
Share
Notification Show More
Latest News
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Dubai’s Al Ansari Financial Services Completes Full Acquisition of Bahrain’s BFC Group for Dh735 million – News
Business

Dubai’s Al Ansari Financial Services Completes Full Acquisition of Bahrain’s BFC Group for Dh735 million – News

News Room
Last updated: 2024/07/30 at 9:56 AM
News Room
Share
4 Min Read
SHARE

Al Ansari Financial Services recently announced the acquisition of Bahrain-based BFC Group for $200 million, making it the largest remittance and exchange service provider in the GCC region. The combined entity reported consolidated revenues of Dh1.4 billion for the 2023 financial year, representing a 22% increase compared to Al Ansari’s previous revenues. With over 410 branches, the acquisition will expand Al Ansari’s branch network by 60% across the UAE, Bahrain, Kuwait, and India. Additionally, the workforce will increase by 25% to 6,000 employees across the region.

The Dubai-based company plans to secure financing under customary market terms to fund the acquisition, which is subject to regulatory approvals. Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services, noted that the acquisition aligns with the company’s strategy of diversification and expansion into new markets. He highlighted the synergies between the two companies in the same industry, ensuring a smooth transition post-acquisition and cost savings. Ebrahim Nonoo, managing director and CEO of BFC Group, expressed confidence in Al Ansari Financial Services continuing their mission and delivering positive outcomes for clients and stakeholders.

The acquisition marks a significant milestone for Al Ansari Financial Services, positioning it as a key player in the remittance and exchange services sector in the GCC region. The expanded branch network and workforce will enhance the company’s ability to serve a broader customer base and drive growth in key markets. By leveraging the strengths and expertise of both companies, Al Ansari Financial Services aims to deliver innovative solutions and superior services to meet the evolving needs of its clients.

The strategic acquisition will enable Al Ansari Financial Services to strengthen its foothold in the competitive financial services industry and create new opportunities for growth and expansion. With a solid foundation and a dedicated team, the company is well-positioned to capitalize on the synergies between the two entities and drive sustainable development in the region. The acquisition is expected to bring about remarkable achievements and contribute to the continued success of Al Ansari Financial Services in the global market.

As Al Ansari Financial Services moves forward with the acquisition of BFC Group, the company is poised to enhance its market position and maximize value for its stakeholders. By combining resources and expertise, the company can offer a wider range of financial services and solutions to customers in the GCC region and beyond. With a focus on delivering exceptional customer experiences and driving innovation, Al Ansari Financial Services is well-equipped to lead the way in the rapidly evolving financial services landscape.

In conclusion, the acquisition of BFC Group represents a strategic move by Al Ansari Financial Services to strengthen its presence in the remittance and exchange services market. With a focus on diversification and expansion, the company is well-positioned to capitalize on new opportunities and drive growth in key markets. By leveraging the synergies between the two entities, Al Ansari Financial Services is poised to deliver superior value to its clients and stakeholders, setting the stage for continued success and innovation in the financial services industry.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room July 30, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Dubai Police extradite wanted criminal Faisal Taghi to the Netherlands
Next Article Manu Bhaker makes history with second medal at Paris Olympics – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports June 10, 2025
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?