Bank Alfalah Limited (PSX: BAFL) has received a non-binding offer from Hatton National Bank (HNB) of Sri Lanka to acquire its Bangladesh Operations.
In a notice to the Pakistan Stock Exchange (PSX) on Monday, the bank said that this non-binding offer is in addition to the non-binding offer already received from Bank Asia Ltd. (Bangladesh).
“The Board of Directors of the Bank has accorded its in-principle approval/acceptance of the non- binding offer received from HNB of Sri Lanka 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 notice added.
Bank Alfalah said it will now seek approvals from the central banks of Pakistan and Bangladesh for HNB to commence due diligence on Bank Alfalah, Bangladesh Operations.
Back in April, the Board of Directors of BAFL accorded its 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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