Unicorn Investment Bank (Unicorn) on Wednesday announced the successful completion of its acquisition of Bahrain Financing Company (BFC), one of the leading foreign exchange and remittance houses in the GCC.

The bank has obtained all the necessary regulatory approvals to conclude the acquisition, which includes Bahrain Exchange Company in Kuwait and EzRemit in the United Kingdom.

The Strategic Acquisition Fund, a financial services acquisition fund promoted by Unicorn and established in co-operation 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, 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.

Commenting on the completion of the acquisition, Majid Al-Sayed Bader Al-Refai, managing director and chief executive officer of Unicorn, said: 'We are very pleased to have concluded our acquisition of Bahrain Financing Company and look forward to working with the company’s management and our strategic partners to further grow the company and expand its operations.'

'In particular, we will be exploring opportunities for product diversification and charting an aggressive regional and international expansion plan,' he observed.

'BFC is well-positioned for future growth, and we are confident that Unicorn and the Strategic Acquisition Fund’s involvement will open new doors for the company,' he noted.

Ebrahim E. Nonoo, managing director of BFC, said the acquisition of BFC by Unicorn is an important milestone in the history of the company and a logical step in its evolution.

'We look forward to working with Unicorn to bring further efficiency to our existing operations and to explore opportunities for product diversification and geographic expansion both within the GCC region and internationally,' he added.

Headquartered in Bahrain, Unicorn operates subsidiaries in the US, Malaysia, the UAE and Turkey. The bank pursues an aggressive growth through acquisition strategy and has completed several acquisitions since its inception in 2004.

Acquisitions are made either directly or through the Strategic Acquisition Fund, a $1 billion fund that seeks to acquire strategic stakes in and manage commercial banks and other financial services institutions globally.-TradeArabia News Service