Muscat – Al Ansari Financial Services, a leading integrated financial services group in the UAE, on Monday announced that it has presented a formal proposal to acquire a majority stake in one of Oman’s prominent exchange companies.

The group has already received an initial approval subject to meeting the necessary regulatory conditions, according to a disclosure submitted to the Dubai Financial Market where Al Ansari Financial Services is listed.

The disclosure, however, did not reveal the name of the Omani money exchange company and financial terms of the potential acquisition.

‘This strategic move [expansion into Oman] is in line with Al Ansari Financial Services Group’s geographic expansion plans to grow market share in the attractive GCC region. Oman’s booming economy, combined with its enhanced global economic and business partnerships, has led to a surge in the demand for reliable exchange services,’ the group said.

Recognising the potential of the Omani market, Al Ansari Financial Services aims to leverage its expertise and experience to provide state-of-the-art financial solutions to the sultanate’s residents and businesses.

Rashed al Ansari, group CEO of Al Ansari Financial Services, said, “The Omani market is very attractive and one that we believe will support our goal of expanding our footprint in countries with a significant expatriate population and a resilient economy. We are confident that this expansion will contribute to further broadening our customer base.”

He said, “The planned acquisition of a prominent exchange in Oman will provide us with the opportunity to bring the best of Al Ansari Financial Services to a new and exciting market given our deep expertise and market experience.”

“We are committed to delivering on our strategic roadmap designed to unlock shareholder value by exploring various growth and expansion opportunities, including inorganic growth through acquiring businesses to gain access to new markets,” Ansari added.

As per the group’s disclosure, the acquisition of Omani exchange company is still in its initial stage and is subject to the necessary regulatory approvals and due diligence. The anticipated schedule for the acquisition is set for first quarter of 2024.

Oman will be Al Ansari Financial Services Group’s second expansion in the GCC region following Kuwait.

The group said it continues to bolster its presence in the region by opening more branches in the UAE and seeks to further develop a financial service ecosystem.