The United Arab Emirates central bank has approved Wizz Financial’s acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr, financial technology company Wizz Financial said.
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, a consortium of Switzerland-headquartered Prism Group AG and Abu Dhabi’s Royal Strategic Partners, bought Finablr for a nominal $1 in December and then Bahrain Financing Company (BFC) in August.
The acquisition is still in the process of being finalized, and the UAE central bank’s approval was necessary for the takeover of UAE Exchange to go ahead.