OFFICIAL CORRECTION UAE central bank approves Wizz Financial's acquisition of UAE Exchange – Reuters

DUBAI, Sept 23 (Reuters) – (Amends par. 3 with statement from Wizz Financial clarifying that the BFC acquisition is still subject to regulatory approval)
Financial technology firm Wizz Financial said on Thursday the United Arab Emirates central bank had approved its acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr which Wizz agreed to buy last year.
UAE Exchange, which engages in money transfers, foreign exchange and payments services, was seized by the central bank in March last year after it ran into financial troubles. The firm suspended all new transactions at its more than 150 branches in the Gulf country.
Wizz Financial is the new name of the consortium of Switzerland-headquartered Prism Group AG and Abu Dhabi's Royal Strategic Partners that bought Finablr for a nominal $1 in December, and also said in August that subject to regulatory approval it would be acquiring Bahrain Financing Company (BFC). read more
The acquisition is still in the process of being finalised, and the UAE central bank's approval was necessary for the takeover of UAE Exchange to go ahead.
The approval "satisfies a main formality required for the completion of the transfer of the business of the Finablr Group pursuant to the sale and purchase agreement entered into … in December 2020", Wizz Financial said.
"Once finalised, UAE Exchange will launch its branch network in the UAE."
Finablr Chief Executive Rob Miller said the in-principle approval was "a major milestone on the path to recovery" for the group.
Finablr was one of the companies backed by Indian billionaire BR Shetty that last year came under severe financial strain after it emerged they had undisclosed debt and that alleged fraudulent transactions had taken place.
Shares in the group have been suspended from trading on the London Stock Exchange.
Our Standards: The Thomson Reuters Trust Principles.
A rally in world stocks flagged on Friday, while the U.S. dollar retreated from a 24-year high on the yen, after data that showed the U.S. labor market is starting to loosen failed to allay investor fears about aggressive interest rate hikes from the Federal Reserve.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

Welcome to FactsPrime

Sorry, We have detected that you have activated Ad-Blocker. Please Consider supporting us by disabling your Ad Blocker, It helps us in maintaining this website. To View the content, Please disable adblocker and refresh the page.

Thank You !!!