Al Ansari Exchange, a subsidiary of the Dubai Financial Market-listed Al Ansari Financial Services, has obtained the necessary approvals to launch 15 new branches across the UAE before the end of 2023.
The new branches will cover under-served areas in Abu Dhabi, Dubai, Sharjah and other cities in the Northern Emirates and will take the total number of physical branches to 246.
The company plans to expand the number of physical branches to approximately 300 within the next five years to further scale and improve consumer accessibility and meet the demand for its services in the UAE market.
Rashed A Al Ansari, Group CEO of Al Ansari Financial Services, explained: “The opening of 15 new branches this year is aligned with our strategic priority of further cementing our market leadership position in our home market. Our plans are bolstered by the continued strength in the UAE economy, particularly the boom in the tourism and jobs market expansion.
“The strategic decision to open more branches this year is also supported by our data analytics which has given us greater insights into customer trends. The findings reveal that most of our customers prefer the convenience and face-to-face interactions provided in branches. In fact, we have seen greater success in acquiring customers through in-branch visits and converting them to online users for future transactions.”
Al Ansari Exchange’s rapid expansion
Al Ansari Exchange has opened five new branches since the commencement of 2023 and has acquired the requisite regulatory approvals for the establishment of 10 additional branches, which are expected to become operational before the conclusion of the second half of this year.
Al Ansari Financial Services raised $210 million in an IPO in March this year, and Al Ansari Exchange is the largest outward personal remittance and foreign exchange company in the UAE.
Ali Al Najjar, COO of Al Ansari Exchange, added: “The expansion of our branch network is another significant milestone in our growth journey. These new branches aim to reach a wider network of customers and provide the same exceptional service our customers have become accustomed to.
“Additionally, we are continuously investing in our digital capabilities to offer seamless online experiences to our customers. By combining our physical presence with robust digital platforms, we ensure that our customers have convenient access to our financial solutions and enjoy a comprehensive and integrated service offering.”
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