Bank Alfalah Limited (PSX: BAFL) is exploring the sale of its Bangladesh operations to Bank Asia Limited, according to a filing submitted to the Pakistan Stock Exchange on Wednesday.
The Board of Directors of BAFL granted in-principle approval for a non-binding offer from Bank Asia to acquire all assets and liabilities of Bank Alfalah Bangladesh. The deal hinges on regulatory approval and compliance with all applicable laws. BAFL will seek permission from the State Bank of Pakistan for Bank Asia to conduct due diligence.
This news follows BAFL’s recent announcement regarding a potential acquisition of an 84.5% stake in Samba Bank Limited (Samba). In March 2024, BAFL submitted a non-binding offer to SNB, subject to various conditions including due diligence, final agreements, internal approvals, and regulatory clearances.
As of Wednesday, BAFL’s stock price on the exchange stood at Rs. 54.6, showing a positive trend with healthy trading volume.
The potential sale of Bangladesh operations and ongoing talks for acquiring Samba Bank highlight Bank Alfalah’s strategic focus on growth and expansion within the financial services sector. These developments could significantly impact the banking landscape and solidify BAFL’s position as a major industry player.