Bank Alfalah Gets In-Principle Approval to Exit Bangladesh

Both the State Bank of Pakistan and the Bangladesh Bank have granted in-principle approval to Bank Alfalah Limited (PSX: BAFL) to potentially exit Bangladesh. BAFL has been allowed to facilitate Hatton National Bank PLC (HNB) of Sri Lanka in conducting the due diligence of its operations in Bangladesh, in view of the prospective sale of 100% of the assets and liabilities attributable to BAFL’s Bangladesh operations to HNB. This is in addition to the due diligence process already underway by Bank Asia Ltd. (Bangladesh). The consummation of the Proposed Transaction is subject to detailed due diligence, acceptance by BAFL of a binding offer and execution of transaction documents, and receipt of regulatory and third-party approvals and consents.