Merger completed to create the UAE's biggest remittance house

Newly established Al Ansari Exchange Company has an operating capital of AED1.2 billion
(PUNIT PARANJPE/AFP/Getty Images - for illustrative purposes only)
By Staff writer
Mon 15 Jan 2018 01:24 PM

Al Ansari Exchange and Al Ansari Exchange Services on Monday said they have completed their merger after obtaining the necessary approvals from all official entities.

The merged Al Ansari Exchange Company now forms the largest exchange and remittance house in the UAE with an operating capital of AED1.2 billion.

It said in a statement that it acquires over 35 percent market share locally and provides its services through more than 175 branches and executes more than 80,000 transactions per day.

Mohammed Ali Al Ansari, chairman and managing director, Al Ansari Exchange, said: “We are confident that the recent merger will be a major boost for Al Ansari Exchange to continue excellence and enhance customer services and focus on infrastructure development and operational efficiency in the coming period, in line with our strategic plan to open more than 25 new branches in the coming two years.”

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.