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