BAFL gets SBP approval to sell Bangladesh operations

In a notification sent to PSX on 17/05/2024, Bank Alfalah Limited (BAFL) announced that It got the green light from SBP to sell Bangladesh operations to Bank Asia.

We are pleased to inform you that the State Bank of Pakistan has granted in-principle approval to Bank Alfalah Limited (“BAFL”) to facilitate Bank Asia Limited (“Bank Asia”) 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 Bank Asia (the “Proposed Transaction”). The consummation of the Proposed Transaction is subject to detailed due diligence, execution of transaction documents and receipt of regulatory and third-party approvals and consents.

BAFL shares were last trading at Rs.62.00 today.