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Bank Asia is buying the Bangladesh operations of Pakistan-based bank Alfalah, owned by the Abu Dhabi Group. Earlier, the Bangladeshi bank had proposed to Bank Alfalah in this regard.
On Wednesday (April 18), the Pakistan Stock Exchange and multiple media sources of the country informed that the bank's board of directors has given in-principle approval for the acquisition of Bank Asia's operations, assets and liabilities of Bank Alfalah in Bangladesh.
This is the third time since its inception in 1999 that Bank Asia has taken steps to buy the operations of a foreign bank in Bangladesh. Earlier, Bank Asia acquired the Bangladesh operations of Canada-based Nova Scotia and Pakistan-based Muslim Commercial Bank.
In this regard, Bank Asia Managing Director (MD) Sohel RK Hussain told the media that nothing can be said about this right now. Any decision will be informed later.
One of the largest banks in Pakistan is Bank Al Falah, which is owned by the Abu Dhabi Group. They have more than 1024 branches in more than 200 cities and towns of Pakistan. Apart from this, it has international presence in Bangladesh, Afghanistan, Bahrain and United Arab Emirates.
Bangladesh /SS
