SBP approves asset sale of BAFL Bangladesh to Bank Asia
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MG News | May 17, 2024 at 10:58 AM GMT+05:00
May 17, 2024 (MLN): The State Bank of Pakistan has granted in-principle approval to Bank Alfalah Limited (PSX: BAFL) to facilitate Bank Asia Limited (Bank Asia) in conducting the due diligence of BAFL's operations in Bangladesh, in preparation for the potential sale of assets and liabilities of BAFL's Bangladesh to Bank Asia.
BAFL shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
Last month, BAFL received a non-binding indicative offer from Bank Asia to acquire BAFL Bangladesh's operations/assets and liabilities.
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.
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