Pakistan, May 29 -- Bank Alfalah Limited (BAFL) has announced its decision to sell its operations in Bangladesh to Dhaka-based Bank Asia Limited. The bank shared the update in a filing to the Pakistan Stock Exchange (PSX) on Thursday, confirming the move is part of a strategic shift to focus more on its core markets.

The Board of Directors at BAFL has approved the sale, though it still requires regulatory clearance from the State Bank of Pakistan, the Central Bank of Bangladesh, and other relevant authorities. The transaction will proceed only after all legal and procedural requirements are fulfilled and definitive agreements are signed.

A Memorandum of Understanding (MoU) and Term Sheet between the two banks were finalized on May 28, 2...