Bank Alfalah Limited (PSX: BAFL) recently disclosed its Board of Directors’ in-principle approval of the non-binding indicative offer put forth by Bank Asia Limited to acquire its Bangladesh Operations/assets and liabilities, as the bank officially conveyed to the main bourse on Wednesday.
According to BAFL’s announcement, the forthcoming transaction is contingent upon adherence to all relevant laws and regulations, as well as the procurement of requisite regulatory approvals. “We are now poised to seek the State Bank of Pakistan’s green light for Bank Asia to embark on the due diligence process concerning Bank Alfalah, Bangladesh,” the bank stated in its stock filing.
Simultaneously, this development transpired merely a day after BAFL’s public declaration of its intent to purchase an 84.5 percent stake in Samba Bank Limited (Samba).
The initiation of negotiations dates back to March 2024, when BAFL initially tabled a Non-Binding indicative offer to SNB for the acquisition of Samba.
Moreover, the proposed acquisition entails approximately 84.51 percent of Samba’s shares, pending satisfactory due diligence, execution of definitive agreements, internal corporate approvals, acquisition of all requisite regulatory approvals, and compliance with all pertinent legal and regulatory procedures.
At the time of filing, BAFL’s scrip on the bourse stood at Rs. 54.6, marking an increase of Rs. 1.01 or 1.88 percent, with a turnover of 871,617 shares registered on Wednesday.
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