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New Finablr Owners in Merger Talks With Bahraini Payments Firm

  • UAE-Israel consortium, BFC Group to create regional champion
  • Finablr faced insolvency after disclosing hidden debts
BAHRAIN-CAPITAL-SKYLINE-DAILY LIFE

Photographer: Giuseppe Cacace/AFP/Getty Images

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.