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 finalized 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.
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. 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. The deal will be subject to regulatory approval in India, Bahrain and Kuwait.