Unicorn Buys the Oldest Foreign Exchange House in the GCC

On September 28, Unicorn Investment Bank, the Islamic investment bank based in Bahrain, agreed to buy Bahrain Financing Company (BFC), the oldest foreign exchange and remittance house in the GCC. BFC is founded in 1917 and its network is comprising of institutions in over 60 countries worldwide.

According to the Reuters, in January Unicorn bought 80 percent of U.S. electronics firm Victron for $70 million and the month before it, 75 percent of Open-Silicon, a microchip maker. Unicorn was profitable in 2007: $50.1 million net profit. But 2008 is challenging. As all of us, vividly, know …