Dhaka, April 18 -- In a move to expand its footprint, Bangladeshi private-sector commercial bank Bank Asia Limited has proposed the acquisition of Bangladesh operations of multinational Bank Alfalah Limited (BAFL).
The news was disclosed by BAFL, one of Pakistan's largest commercial banks, to the Pakistan Stock Exchange (PSX) on Wednesday.
According to a notice issued by BAFL to the PSX, the bank's board of directors granted in-principle approval on April 17th for a non-binding indicative offer received from Bank Asia to acquire its Bangladeshi assets and liabilities.
The deal hinges on obtaining necessary regulatory approvals and complying with all applicable laws and regulations, as informed by BAFL to its shareholders.
The Karachi-ba...