Bank Alfalah Limited (BAFL) has said that Sri Lanka’s Hatton National Bank (HNB) has decided not to proceed with the acquisition of BAFL’s operations in Bangladesh.
“We refer to the disclosures of material information made by Bank Alfalah Limited (the Bank) on 26th August 2024 and 15th November 2024 regarding the non-binding offer from Hatton National Bank (HNB) of Sri Lanka to acquire the BAFL’s Bangladesh operations and the in-principle approval granted by the central banks of Pakistan and Bangladesh for HNB to commence due diligence on Bank Alfalah’s Bangladesh operations,” BAFL wrote in a notice to Pakistan Stock Exchange.
The bank further shared that the CEO of HNB has informed that their Board of Directors in its meeting held on April 2, decided not to proceed with the acquisition of Bank Alfalah’s operations in Bangladesh.
On November 15, the central banks of Pakistan and Bangladesh granted in-principle approval to BAFL to facilitate HNB in conducting the due diligence of BAFL’s operations in Bangladesh.
Back then, 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.
Similarly, 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.
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