KARACHI: The Board of Directors of Bank Alfalah Limited (BAFL) has approved the sale of its Bangladesh operations to Bank Asia Limited, a bourse filing said on Thursday.
“The Bank has accorded its approval to sell its Bangladesh operations to Bank Asia Limited, Dhaka, Bangladesh, subject to approval of the State Bank of Pakistan, the Central Bank of Bangladesh, and/or any other regulatory authority, compliance with necessary legal/procedural requirements, and the execution of definitive agreements,” BAFL said in a notice sent to the Pakistan Stock Exchange (PSX).
According to the information posted on the bank’s website, Bank Alfalah is one of the largest banks in Pakistan, with a network of over 1100 branches across more than 200 cities in the country and an international presence in Afghanistan, Bangladesh, Bahrain and the UAE. The bank also has a representative office in Abu Dhabi.