Bank Alfalah To Sell Bangladesh Operations For $47M

The shareholders of Bank Alfalah Limited have approved the divestment of its Bangladesh operations to Bank Asia Limited for an estimated consideration of approximately $47.5 million, as reflected in the minutes of its 78th Annual General Meeting submitted to the Pakistan Stock Exchange.

Under the approved resolution, Bank Alfalah Limited is authorised to proceed with the sale at a value of BDT 5.8 billion, subject to final closing adjustments in accordance with the terms of the transaction and applicable legal and regulatory frameworks. The completion of the transaction remains contingent upon approvals from the State Bank of Pakistan, Bangladesh Bank, and other relevant regulatory authorities in both jurisdictions.

As part of the transaction structure, BAFL’s Bangladesh operations will be merged into Bank Asia Limited in compliance with applicable laws.

Bank Alfalah Limited, one of Pakistan’s leading commercial banks, maintains an extensive domestic presence along with international operations across multiple jurisdictions. The current transaction forms part of the bank’s broader international restructuring strategy.

It is also noted that the bank has recently initiated the divestment of its Afghanistan operations following regulatory clearance granted to Ghazanfar Bank for due diligence purposes.

Bank Asia Limited, established in 1999, has expanded through strategic acquisitions, including operations of Bank of Nova Scotia and MCB Bangladesh, and is recognised as a prominent private-sector banking institution in Bangladesh.

This transaction reflects a continued shift in BAFL’s strategic focus towards streamlining its international footprint and optimising operational efficiency.