Bahrain Financing Company
In January 2009, Bank Alkhair successfully completed its acquisition of Bahrain Financing Company (BFC), one of the leading foreign exchange and remittance houses in the GCC. The acquisition covers Bahrain Exchange Company in Kuwait and EzRemit in the United Kingdom.
The Strategic Acquisition Fund, a financial services acquisition fund promoted by Bank Alkhair and established in cooperation with a number of strategic founding investors from across the GCC, has taken a significant stake in the acquisition. BFC’s highly successful senior management team remains in place and will ensure continuity.
Founded in 1917, Bahrain Financing Company (BFC) was Bahrain’s first foreign exchange company and the first financial services institution to be established in the GCC region. It is the market leader in foreign exchange and money transfer services in Bahrain. The company has recorded consistent growth and profitability over the past several decades and has developed an extensive correspondent network comprising leading institutions in over 60 countries worldwide.