UAE Exchange suitor in merger talks with Bahrain-headquartered BFC Group
- Date: 24-Feb-2021
- Source: Gulf Business
- Sector:Financial Services
- Country:UAE
UAE Exchange suitor in merger talks with Bahrain-headquartered BFC Group
The consortium behind the acquisition of UAE Exchange is in advanced discussions with BFC Group Holdings over a potential merger that would create a regional financial services powerhouse.
Prism Group AG and Abu Dhabi's Royal Strategic Partners formed a consortium in December 2020 to buy the assets of troubled Finablr.
Finablr has a presence in 170 countries and includes the UAE Exchange, Unimoni and Xpress Money brands. Bahrain-headquartered BFC Group's products include BFC Forex and BFC Payments.
The transaction should be finalised by the second quarter of 2021, according to a statement from the consortium.
The deal would create the largest remittance services and currency exchange group in the MENA region, with a direct presence in all six GCC countries.
Read: UAE-Israeli consortium moves closer to reopening Finablr
The takeover process of Finablr assets continues apace. In December, the consortium appointed independent investment bank Moelis & Co to restructure the company's debt. Earlier this month, it hired leading US financial compliance advisor Matrix to overhaul its money-laundering policies and compliance procedures.
"We are at the start of a new era in the financial services industry in the Middle East and the combined group will be well-placed to play a leading role in the