AIRLINK 170.57 Decreased By ▼ -2.58 (-1.49%)
BOP 11.18 Increased By ▲ 0.53 (4.98%)
CNERGY 8.41 Decreased By ▼ -0.11 (-1.29%)
CPHL 99.73 Increased By ▲ 2.27 (2.33%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.15 Decreased By ▼ -0.27 (-1.75%)
FLYNG 27.55 Decreased By ▼ -0.58 (-2.06%)
HUBC 137.78 Decreased By ▼ -1.13 (-0.81%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.54 No Change ▼ 0.00 (0%)
KOSM 5.36 Decreased By ▼ -0.19 (-3.42%)
MLCF 62.40 Increased By ▲ 0.14 (0.22%)
OGDC 212.16 Decreased By ▼ -2.59 (-1.21%)
PACE 5.42 Decreased By ▼ -0.13 (-2.34%)
PAEL 47.18 Increased By ▲ 2.32 (5.17%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.36 Decreased By ▼ -0.38 (-3.54%)
POWER 12.33 Increased By ▲ 0.07 (0.57%)
PPL 169.60 Decreased By ▼ -4.27 (-2.46%)
PRL 35.85 Decreased By ▼ -0.37 (-1.02%)
PTC 23.09 Decreased By ▼ -0.47 (-1.99%)
SEARL 96.26 Increased By ▲ 0.95 (1%)
SSGC 39.52 Increased By ▲ 0.39 (1%)
SYM 13.84 Decreased By ▼ -0.18 (-1.28%)
TELE 7.15 Decreased By ▼ -0.08 (-1.11%)
TPLP 10.03 Decreased By ▼ -0.26 (-2.53%)
TRG 63.48 Decreased By ▼ -1.20 (-1.86%)
WAVESAPP 9.99 Decreased By ▼ -0.05 (-0.5%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
YOUW 3.66 Decreased By ▼ -0.04 (-1.08%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

The central banks of Pakistan and Bangladesh have granted in-principle approval to Bank Alfalah Limited (BAFL) to facilitate Hatton National Bank PLC (HNB) of Sri Lanka in conducting the due diligence of BAFL’s operations in Bangladesh.

The development was shared by BAFL in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“Both the State Bank of Pakistan (SBP) and the Bangladesh Bank have, on November 07th, 2024 and November 14th, 2024 respectively, granted in-principle approval to BAFL to facilitate Hatton National Bank PLC (HNB) of Sri Lanka in conducting the due diligence of BAFL’s operations in Bangladesh, in view of the prospective sale of 100% of the assets and liabilities attributable to BAFL’s Bangladesh operations to HNB,” read the notice.

BAFL informed that this approval is in addition to the due diligence process already underway by Bank Asia Ltd of Bangladesh.

“The consummation of the proposed transaction is subject to detailed due diligence, acceptance by BAFL of a binding offer and execution of transaction documents and receipt of regulatory and third- party approvals and consents,” added the notice.

BAFL has a network of over 1,024 branches across more than 200 cities in the country, and an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE.

Earlier in August, HNB made a non-binding offer to acquire BAFL’s Bangladesh operations along with its assets and liabilities.

HNB is a premier private sector commercial bank operating in Sri Lanka with 251 branches spread across the island. The bank has been internationally recognised by the Asian Banker Magazine as the “Best Retail Bank in Sri Lanka” on ten occasions from 2007 to 2017.

Meanwhile, in April, Bank Asia Limited of Bangladesh also expressed to acquire BAFL Bangladesh’s operations.

Comments

200 characters