Bahrain’s GFH Financial Group has acquired a 70 percent stake in fintech firm, Marshal, through its investment banking arm, GFH Capital.
Dubai-headquartered Marshal is an enabler of payment technology in the Middle East, serving clients in 16 countries. It’s market share in the UAE exceeds 85 percent.
Marshal’s clients include Network International, National Bank of Abu Dhabi, Mashreq Bank, CrediMax and National Bank of Bahrain.
“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,” Anil Dhar, Founder and Chairman of Marshal said.
While de Novo Corporate Advisors acted as the sole M&A financial advisor, Freshfields Bruckhaus Deringer acted as legal advisor to GFH and BonelliErede acted as legal advisor to Marshal, a statement by GFH said.
Gaurav Dhar will continue to serve as CEO of the company, the statement said.
Source Zawya