Bank Asia to acquire Bank Alfalah's Bangladesh operations

The shareholders of Bank Alfalah (BAFL), one of Pakistan’s largest commercial banks, have approved the sale of its Bangladesh operations to Bank Asia, a private-sector commercial bank based in Dhaka, for around $47.5 million.

The listed bank announced the development during its 78th Annual General Meeting (AGM), the minutes of which were shared with the Pakistan Stock Exchange (PSX) on Friday, March 27, reports Daily Times published from Lahore and Islamabad.

The shareholders resolved that Bank Alfalah Limited is authorised to sell the Bangladesh operations of the BAFL to Bank Asia Limited, Bangladesh, for a consideration of BDT 5,800,000,000/-, equivalent to $47.50 million approx., being the base consideration.

The sale price is subject to agreed closing adjustments by way of merger of BAFL – Bangladesh Operations with and into Bank Asia Limited as per the applicable laws and regulations, subject to approvals of the State Bank of Pakistan, the Bangladesh Bank and approval from other regulatory authorities, either in Pakistan or Bangladesh.