Israeli-UAE consortium is now in talks to buy Bahrain’s BFC Group
Investor group behind Finablr’s acquisition has initiated a takeover of Manama-based firm
Dubai: A consortium, consisting of Prism Group AG and Royal Strategic Partners, is in merger talks with Bahrain’s BFC Group Holdings. A deal would create the largest remittance services and currency exchange group in the MENA region.
Negotiations with BFC are at an advanced stage and the transaction should be finalised by the second quarter of 2021, the companies said in a statement.
“We are confident of the deal concluding and excited about taking a major step towards creating a market-leading, pan-global financial services company in the region,” said Amir Nagammy, Prism Group CEO, in a statement.
Prism Group and Abu Dhabi’s Royal Strategic Partners formed a consortium in December 2020 and agreed to buy the assets of Finablr, including brands such as UAE Exchange, Unimoni and Xpress Money brands. BFC Group’s products include BFC Forex and BFC Payments.
“Our discussions with the consortium are well-advanced and I am excited by the opportunities a merger would create,” said Ebrahim Nonoo, Managing Director and CEO of BFC.
“Our combined retail network will be the largest in the Gulf and the consortium has the expertise, experience and vision needed to build a 21st century payments infrastructure that will benefit millions of customers,” he added.
The deal will be subject to regulatory approval in India, Bahrain and Kuwait, the statement said.