Bank Alfalah grants in-principal approval to Bank Asia's offer for Bangladesh operations acquisition

The Board of Directors of Bank Alfalah Limited (PSX: BAFL) has accorded its in-principle approval of the non-binding indicative offer received from Bank Asia Limited, Dhaka to acquire Bank Alfalah's Bangladesh operations, assets, and liabilities.

Bank Alfalah informed about this development through a notice to the Pakistan Stock Exchange (PSX) on Wednesday. 

“The Board of Directors of Bank Alfalah Limited has accorded its in-principle approval/acceptance of the non-binding indicative offer received from Bank Asia Limited, Dhaka, Bangladesh (Bank Asia) to acquire the bank’s (BAFL) Bangladesh operations/assets and liabilities,” read the BAFL's notice.

However, this transaction is subject to compliance with all applicable laws and regulations and obtaining necessary regulatory approvals. 

"We will now seek approval from the State Bank of Pakistan (SBP) for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh," the notice further said.