Bank Alfalah Exits Bangladesh in $47.5 Million Deal

Pakistan’s Bank Alfalah Limited (PSX: BAFL) has approved the sale of its Bangladesh operations to Bank Asia Limited in a transaction valued at approximately BDT 5.8 billion ($47.5 million), the bank informed the main bourse on Friday.

The bank’s business will be transferred through a merger into Bank Asia Limited, a prominent commercial bank in Bangladesh.

The proposed transaction remains contingent upon approvals from the State Bank of Pakistan, Bangladesh Bank, and other relevant regulatory authorities in both jurisdictions.

Under the approved plan, the sale will proceed via a merger mechanism. The agreed amount represents the base consideration, which may be adjusted at closing based on mutually agreed financial adjustments.

Senior management of Bank Alfalah, including the President and CEO, Chief Financial Officer, and designated group executives, has been jointly authorized to finalize negotiations, execute definitive agreements, and complete all regulatory and legal requirements to close the transaction.

The authorized representatives will also handle pricing adjustments, documentation, regulatory filings, tax obligations, legal expenses, and arrangements related to the repatriation of funds in foreign currency following completion.

The deal will formally conclude once regulatory clearances are secured and the scheme of arrangement is implemented.