Hatton National Bank withdraws bid for Bank Alfalah's Bangladesh operations
Sri Lankan bank was seen as leading contender to acquire the Bangladesh branches for BAFL, which have been up for sale for years
Sri Lanka's Hatton National Bank PLC (HNB) has withdrawn its non-binding offer to acquire the Bangladesh operations of Pakistan's Bank Alfalah Ltd(BAFL).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.
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