Dubai: A consortium, consisting of Prism Group AG and Royal Strategic Partners, is in merger talks with Bahrain’s BFC Group Holdings. A deal would create the largest remittance services and currency exchange group in the MENA region.
Negotiations with BFC are at an advanced stage and the transaction should be finalised by the second quarter of 2021, the companies said in a statement.
“We are confident of the deal concluding and excited about taking a major step towards creating a market-leading, pan-global financial services company in the region,” said Amir Nagammy, Prism Group CEO, in a statement.
Prism Group and Abu Dhabi’s Royal Strategic Partners formed a consortium in December 2020 and agreed to buy the assets of Finablr, including brands such as UAE Exchange, Unimoni and Xpress Money brands. BFC Group’s products include BFC Forex and BFC Payments.