Mubasher: Al Ansari Exchange Services has completed merger with Al Ansari Exchange after obtaining the approvals of the regulatory authorities.

The new consolidation, Al Ansari Exchange Company, forms the largest exchange and remittance firm in the UAE with an operating capital of AED 1.2 billion, according to Al Ansari Exchange’s statement on Monday.

Al Ansari Exchange Company owns a market share of more than 35% and implements over 80,000 transactions a day, through its 175 branches across the nation, the statement added.

The recent consolidation will significantly foster Al Ansari Exchange to continue excellence and boost customer services, chairman and managing director of Al Ansari Exchange Mohammed Ali Al Ansari said.

He noted that the merger also helps focus on infrastructure development and operational efficiency in the next period, in line with Al Ansari Exchange's strategic plan to launch more than 25 new branches in the coming 2 years.