Al Ansari Financial Services PJSC, one of the UAE’s top financial service providers, has officially completed its $200 million acquisition of Bahrain-based BFC Group Holdings. The landmark deal marks a major milestone in the company’s regional expansion strategy, positioning it as the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region based on branch network.
This acquisition, finalized on April 10, 2025, comes after nearly nine months of strategic planning, regulatory procedures, and due diligence. The deal was first announced in July 2024 and has now received all required regulatory approvals from financial authorities across the UAE, Bahrain, and other involved markets.
With the BFC Group now under its umbrella, Al Ansari has significantly expanded its geographical reach, particularly in key markets such as Bahrain, Kuwait, and India. The acquisition boosts the company’s customer base by nearly 29% and its total branch count by over 60%. The newly combined entity now operates more than 410 branches and employs approximately 6,000 people across multiple countries.
A Strategic Power Move in GCC Finance
Al Ansari’s latest acquisition is not just a financial transaction—it is a calculated move to dominate the foreign exchange and remittance market in the region. The company, already a well-established name in the UAE, has been steadily increasing its market presence across the GCC. By acquiring BFC Group, a long-standing player with a rich legacy dating back to 1917, Al Ansari now controls a much larger slice of the remittance and currency exchange business in the region.
BFC Group has a strong brand presence and customer base in Bahrain and other parts of the GCC. It also operates under recognized names like BFC Forex and BFC Pay. With decades of operational history, BFC brings significant value in terms of both experience and infrastructure, something Al Ansari is looking to leverage for future growth.
Rashed A. Al Ansari, the Group CEO of Al Ansari Financial Services, emphasized the importance of the acquisition, calling it a “transformational moment” in the company’s growth journey.
“This strategic acquisition represents a pivotal moment for Al Ansari. It firmly establishes our position as the leading foreign exchange and remittance service provider in the GCC. We are now able to serve a much broader customer base and offer our solutions across more markets with greater efficiency,” he said.
Immediate Benefits and Long-Term Goals
The acquisition is expected to be immediately accretive to the company’s earnings, with double-digit growth forecasted in terms of EBITDA (earnings before interest, taxes, depreciation, and amortization). Al Ansari plans to harness both operating and cost synergies to increase profitability and streamline operations across the newly merged organization.
The move is also aligned with Al Ansari’s long-term vision of sustainable and diversified growth. By expanding outside of the UAE and into neighboring countries and India, the company is not only spreading risk but also tapping into some of the most active remittance corridors in the world.
Industry experts believe this acquisition comes at a time when the financial services sector in the GCC is undergoing rapid transformation. Increased digitalization, competition from fintech companies, and the demand for faster and cheaper remittance solutions have forced traditional players to innovate and consolidate. This deal is a perfect example of that trend.
Strength in Scale and Reach
With more than 410 branches now in operation, Al Ansari has become the largest non-bank financial network in the GCC. This network strength gives the company better access to customers, improved brand visibility, and stronger economies of scale. These factors will likely play a crucial role in retaining customer trust and gaining new market share in highly competitive environments.
The merged entity’s workforce, now standing at 6,000 employees, represents a diverse, skilled, and experienced talent pool that will help the company drive its mission forward. Al Ansari has indicated that it will continue to invest in employee development, technology, and customer experience to ensure a smooth integration of the two businesses.
Looking Ahead
Al Ansari Financial Services has been on a steady upward trajectory, particularly after its successful Initial Public Offering (IPO) in 2023, which raised substantial capital to support its regional ambitions. The BFC acquisition marks the company’s biggest investment to date and a bold step in fulfilling its vision of becoming a globally recognized financial service brand.
In the coming months, the focus will be on post-merger integration, optimizing branch operations, and rolling out unified digital solutions across all territories. Al Ansari has expressed confidence that the integration process will be smooth, given both companies’ shared values and customer-centric approach.
Conclusion
The completion of the $200 million acquisition of BFC Group by Al Ansari Financial Services is more than just a high-value business deal—it is a sign of the shifting dynamics in the Middle East’s financial sector. As demand for cross-border payments and remittances grows, especially in regions with large expatriate populations, companies like Al Ansari are well-positioned to lead the transformation.
With increased scale, regional dominance, and a solid strategic roadmap, Al Ansari is not only reinforcing its leadership in the Gulf but also paving the way for future growth in broader international markets.
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