Bank Alfalah Limited (BAFL) announced that it has received in-principle approval from both the State Bank of Pakistan and Bangladesh Bank for due diligence on a potential sale of its Bangladesh operations to Hatton National Bank PLC (HNB) of Sri Lanka.
According to a notice sent to the Pakistan Stock Exchange (PSX) by Bank Alfalah on Friday, the approvals, granted on November 7 and November 14 respectively, facilitate HNB’s assessment of BAFL’s assets and liabilities in Bangladesh as part of a proposed 100% acquisition.
“Both the State Bank of Pakistan and the Bangladesh Bank have, on November 7, 2024, and November 14, 2024 respectively, granted in-principle approval to Bank Alfalah Limited (“BAFL”) to facilitate Hatton National Bank PLC (“HNB”) of Sri Lanka in conducting the due diligence of BAFL’s operations in Bangladesh, in view of the prospective sale of 100% of the assets and liabilities attributable to BAFL’s Bangladesh operations to HNB (the “Proposed Transaction”),” read the notice.
This transaction is contingent on detailed due diligence, acceptance of a binding offer, and the fulfillment of necessary regulatory and third-party consents.
The due diligence is also being conducted by Bank Asia Ltd. in Bangladesh, which is evaluating a similar acquisition.
Bank Alfalah has assured the Pakistan Stock Exchange that any further developments regarding the transaction will be promptly disclosed.
