Bank Alfalah Agrees to Sell Bangladesh Operations to Bank Asia Ltd

The Board of Directors of Bank Alfalah Limited (PSX: BAFL) has accorded its in-principle approval/acceptance of the non-binding indicative offer received from Bank Asia Limited to acquire its Bangladesh Operations/assets and liabilities, the bank informed the main bourse on Wednesday. BAFL said the transaction will be subject to compliance with all applicable laws/regulations and obtaining necessary/ regulatory approvals. “We will now seek approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh,” it said in a stock filing. This comes a day after BAFL announced that it has made a public announcement of intention to buy an 84.5 percent stake in Samba Bank Limited (Samba). Earlier in March 2024, BAFL first made a Non-Binding indicative offer to SNB to buy Samba. The potential acquisition constitutes approximately 84.51 percent shares in Samba, subject to satisfactory due diligence, execution of definitive agreements, internal corporate approvals, obtaining all necessary regulatory approvals, and compliance with all applicable legal and regulatory procedures. At the time of filing, BAFL’s scrip at the bourse was Rs. 54.6, up by Rs. 1.01 or 1.88 percent with a turnover of 871,617 shares on Wednesday.