Bank Alfalah sells Bangladesh unit to Bank Asia in $47.5M deal
Bank Alfalah Limited has taken a major step in restructuring its international operations. Shareholders at the bank's Annual General Meeting (AGM) approved the sale of its Bangladesh business to Bank Asia Limited. The deal, valued at around $47.5 million, marks another expansion move by Bank Asia in the local banking sector.
The transaction's base price stands at approximately Tk 580 crore, equivalent to $47.5 million. However, the final amount may shift slightly due to standard closing adjustments. Regulatory approvals from both the State Bank of Pakistan and Bangladesh Bank remain pending before the sale is finalised.
Bank Asia has already completed an internal audit of Bank Alfalah's Bangladesh operations as part of the acquisition process. This is not the first time the bank has expanded by taking over foreign-owned operationsāit previously acquired Scotiabank and MCB's local businesses in Bangladesh. Meanwhile, Bank Alfalah continues to streamline its overseas presence. The bank has begun divesting its investments in Afghanistan, with due diligence already approved by the State Bank of Pakistan and the Central Bank of Afghanistan. Globally, the institution operates over 1,000 branches across 200 Pakistani cities, alongside operations in Afghanistan, Bahrain, and the UAE.
The sale of Bank Alfalah's Bangladesh operations will further consolidate Bank Asia's position in the local market. Once regulatory approvals are secured, the transaction will be completed, subject to final adjustments. Bank Alfalah's focus now shifts to its remaining international markets, including its ongoing exit from Afghanistan.
