To acquire a foreign bank's Bangladesh assets, Bank Asia placed an acquisition offer to Pakistan-based Bank Alfalah for its Bangladesh assets.
Bank Alfalah's board of directors on Wednesday gave its in-principle approval to the non-binding indicative offer received from Bank Asia to acquire its operations and asset liabilities, according to a Bank Alfalah notice issued to the Pakistan Stock Exchange on the day.
The deal is subject to compliance with all applicable laws and regulations and obtaining necessary regulatory approvals, the multinational bank informed its shareholders.
Bank Alfalah will now seek approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh, it added.
Bank Alfalah Bangladesh has a balance sheet of over Tk3,100 crore while it has seven branches in Bangladesh -- five in Dhaka, one in Chittagong and the other one in Sylhet.