BAFL plans to sell Bangladesh operations to Bank Asia

In a notification sent to PSX on 17/04/2024, Bank Alfalah (BAFL) has announced selling off its assets and operations in Bangladesh to Bank Asia Limited.

The Board of Directors of Bank Alfalah Limited has accorded its in-principle approval/acceptance of the non-binding indicative offer received from Bank Asia Limited, Dhaka, Bangladesh (“Bank Asia”) to acquire the Bank’s Bangladesh Operations/assets and liabilities, subject to compliance with all applicable laws/regulations and obtaining necessary/ regulatory approvals.

They will now seek approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh.

The shares of BAFL were last trading at Rs.54.40 today.