Dhaka, May 29 -- Bank Asia signed a Memorandum of Understanding (MoU) with Bank Alfalah on Wednesday for the acquisition of the Karachi-based Bank Alfalah's Bangladesh operations.

The initial cost of the deal is approximately Tk 6 billion, officials said.

The final deal is subject to the approval of Bangladesh Bank, the State Bank of Pakistan and/or any other regulatory authorities, compliance with necessary legal/procedural requirements, and the execution of definitive agreements, according to a stock exchange filing on Thursday.

The acquisition of Bank Alfalah's Bangladesh operations is expected to boost profit and add value to the publicly traded Bank Asia, as the foreign bank has healthy financial indicators.

In April last year, B...