Bahrain’s GFH acquires 70% stake in Dubai fintech Marshal
Friday, 02 21 2020, Category: Technology, Country: Bahrain
GFH Financial Group has announced that it has acquired a 70 percent stake in Dubai-based fintech firm Marshal. However, the financial details of the deal are not yet disclosed.
In a statement, the GFH Financial announced that it will hold a 6.3 percent stake in the company and its investors will hold the other 63.7 percent. The remaining stake will be held by existing stakeholders of Marshal.
The investment in Dubai fintech Marshal was completed by GFH Financial through its investment banking arm GFH Capital.
In the statement, GFH Financial also revealed the list of Marshal’s clients which include the likes of Network International, National Bank of Abu Dhabi, Mashreq Bank, CrediMax and National Bank of Bahrain.
Anil Dhar, Founder and Chairman of Marshal told the media, “Our focus together (with GFH) will be on the unlocking of new opportunities, expansion in our existing territories and the ongoing and vigorous pursuit of even greater innovation to continue propelling us and our customers forward in terms of efficiency and the ability to more effectively capture and meet the vast market and consumer demand for state-of-the-art fintech products and payment solutions.”
He further revealed that the deal with GFH Financial will allow Marshal to further expand in its existing markets and also work on upgrading its technology.
While Freshfields Bruckhaus Deringer acted as a legal advisor to GFH, BonelliErede acted as a legal advisor to Marshal. De Novo Corporate Advisors acted as the sole merger and acquisition financial advisor.
Marshal, which was established in 1981, is the largest and oldest enabler of payment technology in the region. It operates in 16 countries and holds an 85 percent market share in the UAE.
Source: International Finance