Sri Lanka’s Hatton National Bank PLC (HNB) has withdrawn its non-binding offer to acquire the Bangladesh operations of Pakistan’s Bank Alfalah Ltd(BAFL). This decision brings an end to months of speculation and due diligence efforts aimed at expanding HNB’s footprint into the Bangladeshi market.
In August 2024, HNB expressed interest in acquiring BAFL’s Bangladesh operations, submitting a non-binding offer and initiating discussions pending regulatory approvals. By November 2024, both the State Bank of Pakistan and Bangladesh Bank granted in-principle approvals, allowing HNB to conduct due diligence on BAFL’s Bangladeshi assets and liabilities. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
