New Finablr Owners in Merger Talks With Bahraini Payments Firm
(Bloomberg) -- The UAE-Israeli consortium that acquired UAE Exchange is in merger talks with Bahrain’s BFC Group Holdings to create a Middle Eastern remittances and currency firm with more than 24 million customers in 30 countries.
Prism Group AG and Abu Dhabi’s Royal Strategic Partners teamed up in December to buy the assets of Finablr Plc, the London-listed payments firm that collapsed after disclosing more than a $1 billion in hidden debts.
The merger discussions are at an advanced stage and are expected to be finalized by the second quarter, according to a statement from Prism and Royal Strategic Partners. It is subject to regulatory approvals in India, Bahrain and Kuwait.
“The deal would create the largest remittance services and currency exchange group in the MENA region,” the statement said.
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