Unicorn signs deal to acquire BFC

Dubai: Bahrain's Unicorn Investment Bank (Unicorn) said on Monday it has reached an agreement with the shareholders of Bahrain Financing Company (BFC), one of the leading foreign exchange and remittance houses in the GCC, to acquire the company.

The acquisition covers Bahrain Exchange Company in Kuwait and EzRemit in the United Kingdom.

The Strategic Acquisition Fund, a financial services acquisition fund promoted by Unicorn and established in cooperation with a number of strategic founding investors from across the GCC, will take a significant stake in the acquisition.

Founded in 1917, BFC was Bahrain's first foreign exchange company and the first financial services institution to be established in the GCC region. It is the market leader in foreign exchange and money transfer services in Bahrain.

"BFC has recorded consistent growth and profitability over the past several decades and has developed an extensive correspondent network comprising leading institutions in over 60 countries worldwide," Unicorn said in a statement.

Majid Al Sayed Bader Al Refai, chief executive officer of Unicorn, said the acquirer will work with the company's management to help the company grow further and expand its operations.

"As a longstanding market leader with a highly experienced and successful management team, BFC is well-positioned to take advantage of current industry developments to propel future growth," he said.

"The acquisition of BFC by Unicorn is a logical step in the evolution of our company and will position BFC for accelerated growth and expansion in the future. Our management team looks forward to working with Unicorn to bring further efficiency to our existing operations and to explore opportunities for product diversification and geographic expansion both within the GCC region and internationally," said Meir Ebrahim Nonoo, managing director of BFC.