When Ansari Financial Services (AAFS), a leading financial services group integrated in the EAU and the father of Al Ansari Exchange, announced the successful completion of its acquisition of BFC Group Holdings (BFC).
The company said it received all the regulatory approvals required for the acquisition agreement of $ 200 million.
Al Ansari Financial Services completes the acquisition
The acquisition makes Al Ansari Financial Services into the largest non -banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) in terms of branch networks, said the company.
The purchase of BFC expands the presence of Al Ansari Financial Services in Bahrain, Kuwait and India, increasing the group’s customer base by 29 percent and a network of branches by 60 percent, he said.
BFC integration will also improve the operational scale and geographical diversification of the company, creating substantial value for shareholders, customers and employees, ”said Ansari Financial Services.
Rashed A. Al Ansari, CEO of the Al Ansari Financial Services group, said the acquisition is a fundamental step for Ansari Financial Services, which underlines its dedication to regional growth, innovation, beings that improve the financial strength of the company.
“We are sure that this movement will offer a long -term value for our shareholders. In addition, the anticipated impulse in the cash flow after integration reinforces our commitment to provide strong yields for our investors,” he said.
The company said the acquisition will be immediately accumulated of profits, with an estimated 20 percent increase in operational income and a 13 percent growth in net gains.
Integration with BFC will also lead to a stronger cash flow generation, improving the dividend distribution potential, the company said.
The acquisition of BFC is also expected to unlock more opportunities for strategic associations, product innovation and market penetration in key remittance runners, he said.
