Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank PJSC to lead its planned Dubai initial public offering, according to people with knowledge of the matter.
The UAE-based money-exchange firm could list in the first quarter of 2023, the people said, asking not to be identified as the information isn’t public. Preparations for the IPO are ongoing and details such as timing could still change, they said.
Representatives for Al Ansari, Emirates NBD and EFG-Hermes declined to comment.
Al Ansari Exchange was set up almost 60 years ago and currently has over 200 branches in the UAE, making it one of the largest exchange companies in the country. In addition to exchange services, it offers remittances, services for paying domestic workers and savings plans, according to its website.