February 14, 2020 (MLN): The board of directors of Bank Alfalah Limited (BAFL), in a meeting, held on 13 February 2020, has discussed a prospective opportunity to expand and develop its merchant acquiring business (comprising, inter alia, its POS and online acquiring division) by potentially entering into a joint venture arrangement with, inter alias, Wemsol (Private) Limited.
Consequently, BOD authorized the bank to explore the feasibility/viability of entering into a joint venture/arrangement/collaboration with a third party(ies), including approving a draft Memorandum of Understanding to be entered into with Wemsol in this respect.
Furthermore, the Bank has also been authorized to liaise with regulatory authorities, appoint advisors, evaluators and consultants for evaluating the feasibility, including due diligence and valuation, finalizing the structure, along with preparing necessary documents/drafts for the consideration of the Board of Directors.
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