The consortium of Prism Group AG & Royal Strategic Partners, who agreed in December of last year to buy the troubled UAE foreign exchange and digital payments company Finablr, have signed a sales and purchase deal to acquire BFC Group Holdings and its subsidiaries via their newly created WizzFinancial platform.
The deal entails combining Finablr and BFC Group under the WizzFinancial domain to create the largest regional remittance services and currency exchange group with direct presence in all six GCC countries and licenses to operate in over 30 countries.
“We welcome BFC, one of the oldest exchange houses in the Middle East, to our company and are excited about taking this strategic next step together as it will enable us to raise the level of resilience, agility and core competencies to create an integrated financial eco-system based on the accumulated experiences that BFC possesses in the remittance sector,” said Royal Strategic Partners’ CEO, Dr. Hamad Al Ali.
BFC Group Holdings specialises in global money transfers, foreign exchange and wholesale currency services.
BFC Group Holdings is the holding company for Bahrain Financing Company, Bahrain Exchange Company in Kuwait, BFC Forex & Financial Services in India and BFC Payments in Bahrain. The companies are licensed by the Central Bank of Bahrain, the Central Bank of Kuwait and the Reserve Bank of India, respectively.
The group specialises in global money transfers, foreign exchange and wholesale currency services and has a growing network of 120 retail branches throughout Bahrain, Kuwait, and India.
BFC Bahrain is the largest money transfer and currency exchange company in the kingdom.
BFC Group managing director and chief executive, Ebrahim Nonoo, will join WizzFinancial and lead its international money transfer business, which has a presence in 170 countries, the companies noted.
“As the GCC plays an increasingly larger role on the global economic stage, we are excited to leverage the latest technologies to create the largest remittance services and currency exchange group in the region,” said Nonoo.
Prism Group AG and Abu Dhabi’s Royal Strategic Partners teamed up in December to buy the assets of Finablr Plc, the London-listed payments firm that collapsed after disclosing more than a $1 billion in hidden debts.
Follow us on
