Bank Alfalah Limited has received a non-binding offer from Hatton National Bank (HNB) of Sri Lanka to acquire its Bangladesh operations.
Bank Alfalah Limited disclosed this development to the Pakistan Stock Exchange (PSX) through a notice on Monday.
This offer is in addition to a previous non-binding offer from Bank Asia Ltd. Bangladesh.
“We are pleased to inform you that in connection with the proposed sale of Bank Alfalah Limited (“the Bank”), Bangladesh Operations, the Bank has received a non-binding offer from Hatton National Bank (“HNB”) of Sri Lanka to acquire the Bank’s Bangladesh Operations. This non-binding offer is in addition to the non-binding offer already received from Bank Asia Ltd. (Bangladesh),” read the notice.
The Board of Directors of Bank Alfalah has accorded its in-principle approval of the non-binding offer received from HNB of Sri Lanka to acquire the Bank’s Bangladesh operations, assets and liabilities, subject to compliance with all applicable laws and regulations and obtaining of necessary regulatory approvals.
“We will now seek approvals from the central banks of Pakistan and Bangladesh for HNB to commence due diligence on Bank Alfalah, Bangladesh operations,” Bank Alfalah said in its notice to PSX.
