Bangladesh Bank has permitted Bank Asia to take over Alfalah, a foreign bank, in a departure from its decision that no more merger of banks will be allowed.
As part of the new dimension, Bank Asia, a private commercial of Bangladesh plans to acquire foreign Bank Alfalah.Karachi-based Bank Alfalah disclosed the information to the Pakistan Stock Exchange on April 17.The disclosure said the board of directors of Bank Alfalah Ltd had given approval in-principal for the non-binding indicative offer received from Bank Asia Ltd to acquire the bank's Bangladesh operations, assets, and liabilities, subject to compliance with all applicable laws, regulations and obtaining of necessary regulatory approvals.
The disclosure said that the Bank Alfalah is now seeking approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh.