UAE - Mubasher: The financial consortium that has bought Finablr, the Abu Dhabi-headquartered payment company, will rebrand it as WizzFinancial and merge it with a newly-purchased Bahraini company, the Bahrain Financing Company (BFC), Reuters reported.

The merger between Finablr and BFC, specialised in money transfer and currency services with a presence in Bahrain, India, and Kuwait, will form the largest remittance services and currency exchange group in the region.

The group will also become the only operator with a direct presence in all six GCC countries, in addition to licences to operate in more than 30 countries.

In December, Switzerland-headquartered Prism Group AG and Abu Dhabi's Royal Strategic Partners have bought Finablr for a nominal $1 after the payment company ran into financial difficulties.

BFC's CEO, Ebrahim Ezra Nonoo, will lead WizzFinancial's international money transfer business.