Home GCC UAE Exchange suitor in merger talks with Bahrain-headquartered BFC Group Merger of Finablr assets and BFC would create regional financial services giant by David Ndichu February 24, 2021 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 transformation of the sector,” said Prism Group CEO Amir Nagammy. “We plan to leverage new technology to become the first truly omnichannel financial services company in the region, offering fast and efficient payment systems for over 24 million clients,” he added. The deal will be subject to regulatory approval in India, Bahrain and Kuwait. Tags BFC Group Finablr mergers and acquisitions UAE Exchange 0 Comments You might also like Abu Dhabi’s IHC increases tech deals by 100% over last year, aims to launch tech holding arm Chalhoub Group acquires majority stake in London-based digital luxury retailer Threads Styling How 2021 was a record year for M&A 2021 was a record year for global M&A market: Lex Mundi