Bank Alfalah shareholders approve $47.5 million sale of Bangladesh operations to Bank Asia

The shareholders of Bank Alfalah Limited on Friday approved the sale of its Bangladesh operations to Bank Asia Limited for approximately $47.5 million, the bank disclosed in the minutes of its 78th Annual General Meeting (AGM) shared with the Pakistan Stock Exchange.

Under the resolution, BAFL is authorised to sell its Bangladesh business for BDT 5.8 billion (about $47.5 million), with the final price subject to agreed closing adjustments during the merger of BAFL Bangladesh into Bank Asia, in compliance with applicable laws and regulations. The deal remains contingent on approvals from the State Bank of Pakistan, Bangladesh Bank, and other regulatory authorities in both countries.

BAFL, one of Pakistan’s largest commercial banks, operates over 1,024 branches in more than 200 cities and maintains an international footprint in Afghanistan, Bangladesh, Bahrain, and the UAE. Earlier this year, the bank initiated the divestment of its Afghanistan operations after receiving regulatory clearance for Ghazanfar Bank to conduct due diligence.

Bank Asia, incorporated in 1999, has grown through acquisitions including branches of Bank of Nova Scotia, MCB Bangladesh, and Scotiabank (2001), and is a well-established private-sector bank in Dhaka. Officials said the Bangladesh deal marks another step in BAFL’s ongoing international restructuring strategy.