UAE Exchange suitor in merger talks with Bahrain-headquartered BFC Group

uae bahrain group bfc exchange
UAE
  • Date: 24-Feb-2021
  • Source: Gulf Business
  • Sector: Financial Services
  • Country: UAE
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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