Bank Alfalah Limited (PSX: BAFL) Friday announced that the State Bank of Pakistan has granted it in-principle approval to facilitate Bank Asia Limited (Bank Asia) in conducting the due diligence of BAFL’s operations in Bangladesh.
The approval has been granted in view of the prospective sale of 100 percent of the assets and liabilities attributable to BAFL’s Bangladesh operations to Bank Asia, the bank said in a notice to the Pakistan Stock Exchange (PSX).
The consummation of the proposed transaction is subject to detailed due diligence, execution of transaction documents and receipt of regulatory and third-party approvals and consents, the notice added.
Last month, the Board of Directors of BAFL accorded in-principle approval/acceptance of the non-binding indicative offer received from Bank Asia Limited to acquire its Bangladesh Operations/assets and liabilities.
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