Latest news with #AAFS
Calgary Herald
11-05-2025
- Sport
- Calgary Herald
Runners plan 10 marathons in 10 days to bring down barriers for kids
Ten marathons in 10 days in 10 provinces. Article content Article content That's the goal Mike Hanson and David Morin, longtime friends and Calgary marathon runners, have set for themselves. Article content Starting May 16, the duo plan to run a marathon a day, in a different province, until May 25, where they will finish out what can only be described as a Herculean-like endeavour at the annual Servus Calgary Marathon, alongside thousands of participants. Article content Article content Along the way, the runners hope to raise $1 million for charities supporting access to sports and extracurricular activities for children. The charities are KidSport, Big Brothers Big Sisters and the Autism Aspergers Friendship Society (AAFS). Article content Article content As of Friday, they have raised $740,000. Article content 'There's family and children out there that have barriers to entry in sports and extracurricular activities and we feel as a family that we've been really fortunate and it's kind of an obligation to try and do something about it and try to make an impact,' Hanson said. Article content Hanson is a 44-year-old father to four children. The oldest two of the bunch, twins, were diagnosed with autism in 2012, bringing Hanson up close and personal with the challenges of finding sports and extracurricular activities that are inclusive of children on the spectrum. Article content He said AAFS provides those opportunities for children, like his twins. 'I've seen firsthand how my son, who wouldn't be able to do a gymnastics course with typical kids, can go there. He fits well, they've got a great program to support them and he walks out of it just completely fulfilled and happy,' he said. Article content Article content 'There are a lot of kids out there that could be on screens or just staying at home because there isn't an opportunity for them to experience what other typical kids can experience.' Article content Morin has volunteered with Big Brothers Big Sisters for the better part of a decade. 'The barrier there is just with kids having just a positive adult mentorship and partnership model that they might not otherwise have,' he said. Article content Hanson also cited financial barriers to setting up access to activities for kids. 'Both Dave and I wouldn't be where we are in life without sport,' he said. Article content A week away from the event, the two sound calm and collected, betraying not a hint of nervousness in their voices. 'We're feeling pretty good,' Morin said. Their training has tapered in the final week, allowing them somewhat of a break before the big week begins.
Daily Tribune
10-04-2025
- Business
- Daily Tribune
Al Ansari Financial Services Acquires BFC Group, Becomes Largest Non-Banking Financial Institution in GCC
Al Ansari Financial Services PJSC (AAFS), a leading financial services group in the UAE and parent company of Al Ansari Exchange, has announced the successful completion of its acquisition of BFC Group Holdings (BFC), following the receipt of all necessary regulatory approvals. The USD 200 million deal cements AAFS's status as the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region in terms of branch network. This strategic acquisition significantly expands AAFS's regional footprint across Bahrain, Kuwait, and India, increasing the Group's customer base by 29% and branch network by 60%. The integration enhances the Group's operational scale and geographic reach, promising greater value for shareholders, customers, and employees. Digital Innovation at the Core AAFS has been a pioneer in financial technology through its award-winning Al Ansari Exchange app and a suite of advanced digital services. The Group is actively incorporating artificial intelligence into various operations to boost personalization, efficiency, and fraud prevention. The Group aims to extend its successful digital-first model to BFC entities, reinforcing its leadership in tech-driven financial services across the region. Strategic Gains from the Acquisition Market Leadership: AAFS now leads the NBFI sector in the GCC, strengthening its dominance in remittances and foreign exchange. Regional Expansion: The acquisition secures AAFS's top position in Bahrain, third in Kuwait, and expands its customer base in India—while maintaining its leading role in the UAE. Digital Capabilities: BFC's fintech expertise complements AAFS's technology-driven growth strategy. Operational Synergies: The merger is set to generate economies of scale, improve cost-efficiency, and enhance revenue growth. Financial Impact The transaction is immediately earnings-accretive. Based on 2024 data, the Group projects: A 20% rise in operating income. A 13% increase in EBITDA. A 13% growth in net profit after tax. Strengthened cash flows, improving dividend distribution potential. Leadership Commentary Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, stated: 'Today's acquisition marks a pivotal step in our journey. It demonstrates our commitment to regional expansion, innovation, and financial strength. We are confident that this move will deliver long-term value to our shareholders and reinforce our promise of consistent returns.' Looking Ahead With its expanded market presence and enhanced capabilities, AAFS is poised to accelerate its growth trajectory. The Group will continue focusing on operational efficiency, digital transformation, and unlocking new revenue streams. The acquisition is expected to pave the way for new strategic partnerships, innovative product offerings, and deeper market penetration across key remittance corridors.
Mid East Info
10-04-2025
- Business
- Mid East Info
Al Ansari Financial Services Completes Acquisition of BFC Group, Becoming the Largest Non-Banking Financial Services Provider in the GCC
Al Ansari Financial Services PJSC ('AAFS' or 'the Group'), one of the leading integrated financial services groups in the UAE and the parent of Al Ansari Exchange, today announces the successful completion of its acquisition of BFC Group Holdings ('BFC'), after receiving all the required regulatory approvals, solidifying its position as the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region in terms of branch network. This transformative USD 200 million transaction expands AAFS's presence across Bahrain, Kuwait and India, increasing the Group's customer base by 29% and branch network by 60%. The integration of BFC enhances AAFS's operational scale and geographic diversification, creating substantial value for shareholders, customers, and employees. Leading the Digital Frontier: AAFS has long been at the forefront of digital innovation in the financial services sector. With its award-winning Al Ansari Exchange app and a full suite of advanced digital solutions, the Group continues to lead the market in delivering seamless, secure, and customer-centric experiences. AAFS has also been actively integrating artificial intelligence across various business functions to enhance efficiency, personalisation, and fraud prevention. The Group now intends to replicate its digital model across BFC Group entities further strengthening AAFS's position as a dominant digital-first player in the NBFI landscape. Strategic Impact and Value Creation: Market Leadership: AAFS is now the largest non-banking financial services provider in the GCC, reinforcing its dominance in remittances and foreign exchange. Geographic Expansion: The acquisition strengthens AAFS's regional footprint, securing a #1 market position in Bahrain, #3 in Kuwait, and access to a wider customer base in India, in addition to its leading position in the UAE remittance and foreign exchange market. Enhanced Digital Capabilities: BFC's fintech expertise and digital solutions complement AAFS's growth strategy and current digital solutions, accelerating customer engagement. Operational Synergies: The integration is expected to benefit from economies of scale generating cost efficiencies, improving profitability and driving revenue growth. Financial Impact: The acquisition is immediately earnings-accretive, with double-digit EBITDA growth. The consolidated financial impact based on 2024 data (subject to any post-acquisition adjustments / integration impact) is as follows: Estimated 20% increase in operating income. EBITDA projected to grow by 13%. Net profit after tax expected to grow by 13%. Stronger cash flow generation, enhancing dividend distribution potential. Rashed A. Al Ansari Group CEO of Al Ansari Financial Services commented: 'Today's acquisition represents a pivotal step for Al Ansari Financial Services, underscoring our dedication to regional growth, innovation and enhancing our financial strength. We are confident that this move will deliver long-term value for our shareholders. Moreover, the anticipated boost in cash flow post-integration reinforces our commitment to providing strong returns for our investors.' Future Outlook: With a strengthened market position and an expanded footprint, AAFS is well-positioned to drive sustainable growth across key markets. The Group remains focused on unlocking new revenue streams, optimising operational efficiencies, and accelerating digital transformation. The acquisition of BFC is expected to unlock further opportunities for strategic partnerships, product innovation, and market penetration across key remittance corridors.
Khaleej Times
10-04-2025
- Business
- Khaleej Times
Al Ansari completes acquisition of BFC Group with $200 million deal
Al Ansari Financial Services (AAFS), a leading UAE-based financial services group and parent company of Al Ansari Exchange, has completed its acquisition of BFC Group Holdings (BFC) after securing all regulatory approvals. The $200 million deal reinforces AAFS's position as the largest non-banking financial institution (NBFI) in the GCC by branch network, significantly expanding its presence in Bahrain, Kuwait, and India. The acquisition boosts AAFS's customer base by 29 per cent and increases its branch network by 60 per cent, enhancing operational scale and geographic diversification. Rashed A. Al Ansari, group CEO of Al Ansari Financial Services, called the move a pivotal step in the company's growth strategy, emphasising its commitment to innovation and shareholder value. 'We are confident this acquisition will deliver long-term benefits, supported by stronger cash flows post-integration,' he said. With an expanded footprint and reinforced digital capabilities, AAFS is poised to drive sustainable growth across key markets, exploring new partnerships and innovation opportunities in major remittance corridors, Al Ansari said. AAFS, known for its digital leadership in financial services, plans to extend its award-winning digital solutions — including its AI-driven platforms for efficiency and fraud prevention — to BFC's operations. This integration is expected to reinforce AAFS's dominance as a digital-first NBFI while unlocking new revenue streams and improving profitability. Financially, the deal is immediately earnings-accretive, with projections indicating a 20 per cent rise in operating income, a 13 per cent increase in Ebitda and a similar growth in net profit after tax. The strengthened cash flow is also expected to enhance dividend potential for investors. Strategically, the acquisition bolsters AAFS's market leadership in remittances and foreign exchange, securing the top position in Bahrain, the third spot in Kuwait, and a broader foothold in India. The combined entity aims to leverage operational synergies, cost efficiencies, and BFC's fintech expertise to accelerate growth.
Zawya
10-04-2025
- Business
- Zawya
Al Ansari Financial Services completes acquisition of BFC Group
Dubai, UAE: Al Ansari Financial Services PJSC ('AAFS' or 'the Group'), one of the leading integrated financial services groups in the UAE and the parent of Al Ansari Exchange, today announces the successful completion of its acquisition of BFC Group Holdings ('BFC'), after receiving all the required regulatory approvals, solidifying its position as the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region in terms of branch network. This transformative USD 200 million transaction expands AAFS's presence across Bahrain, Kuwait and India, increasing the Group's customer base by 29% and branch network by 60%. The integration of BFC enhances AAFS's operational scale and geographic diversification, creating substantial value for shareholders, customers, and employees. Leading the Digital Frontier AAFS has long been at the forefront of digital innovation in the financial services sector. With its award-winning Al Ansari Exchange app and a full suite of advanced digital solutions, the Group continues to lead the market in delivering seamless, secure, and customer-centric experiences. AAFS has also been actively integrating artificial intelligence across various business functions to enhance efficiency, personalisation, and fraud prevention. The Group now intends to replicate its digital model across BFC Group entities further strengthening AAFS's position as a dominant digital-first player in the NBFI landscape. Strategic Impact and Value Creation Market Leadership: AAFS is now the largest non-banking financial services provider in the GCC, reinforcing its dominance in remittances and foreign exchange. Geographic Expansion: The acquisition strengthens AAFS's regional footprint, securing a #1 market position in Bahrain, #3 in Kuwait, and access to a wider customer base in India, in addition to its leading position in the UAE remittance and foreign exchange market. Enhanced Digital Capabilities: BFC's fintech expertise and digital solutions complement AAFS's growth strategy and current digital solutions, accelerating customer engagement. Operational Synergies: The integration is expected to benefit from economies of scale generating cost efficiencies, improving profitability and driving revenue growth. Financial Impact The acquisition is immediately earnings-accretive, with double-digit EBITDA growth. The consolidated financial impact based on 2024 data (subject to any post-acquisition adjustments / integration impact) is as follows: Estimated 20% increase in operating income. EBITDA projected to grow by 13%. Net profit after tax expected to grow by 13%. Stronger cash flow generation, enhancing dividend distribution potential. Rashed A. Al Ansari Group CEO of Al Ansari Financial Services commented: 'Today's acquisition represents a pivotal step for Al Ansari Financial Services, underscoring our dedication to regional growth, innovation and enhancing our financial strength. We are confident that this move will deliver long-term value for our shareholders. Moreover, the anticipated boost in cash flow post-integration reinforces our commitment to providing strong returns for our investors.' Future Outlook With a strengthened market position and an expanded footprint, AAFS is well-positioned to drive sustainable growth across key markets. The Group remains focused on unlocking new revenue streams, optimising operational efficiencies, and accelerating digital transformation. The acquisition of BFC is expected to unlock further opportunities for strategic partnerships, product innovation, and market penetration across key remittance corridors. About BFC Group Holdings BFC Group Holdings (BFC Group / The Group) is the holding company for Bahrain Financing Company (BFC), Bahrain, Bahrain Exchange Company (BEC), Kuwait, BFC Forex & Financial Services PVT Ltd (BFC Forex), India and BFC Payments, Bahrain. With roots dating back to 1917, the Group specialises in sending and receiving money securely and efficiently across the globe and offers foreign currency exchange solutions at the best available rates. BFC Group, continues to grow its retail network and currently has over 160 branches located across the world. In addition, BFC Group also has an extensive global reach of over 200 countries and territories through its partnership with MoneyGram, Transfast and EzRemit. For more information, visit About Al Ansari Financial Services PJSC: Al Ansari Financial Services PJSC (the 'Group') is one of the leading integrated financial services groups in the United Arab Emirates ('UAE'), with a history dating back to its establishment as a family business in 1966. The Group listed on the Dubai Financial Market ('DFM') in April 2023 through the sale of 10% of its issued share capital. The Group's integrated platform of diverse financial services includes inward and outward remittances, foreign exchange solutions, access to the Wage Protection System (WPS) in the UAE, and other services such as bill collection and pre-paid cards, as well as payment technology solutions. Collectively the Group enables the mobility of money locally and globally. The Group delivers value to its diverse customer base customers through its subsidiaries Al Ansari Exchange, Al Ansari Exchange Kuwait (full acquisition by the Group is currently ongoing), Blue Remit, CashTrans and Al Ansari Digital Pay. The Group is a dominant player in the UAE's outward personal remittances market and the foreign currency exchange market. It also has the largest number of physical branches in the UAE. In parallel, Al Ansari Financial Services has established itself as a digital-first financial services provider, with an award-winning mobile app, a growing suite of online and AI-powered services, and robust investments in digital infrastructure through Al Ansari Digital Pay. Its strategy is focused on cementing its market leadership in its home market, accelerating its digital transformation, and expanding its geographic footprint.
