KARACHI – Hatton National Bank (HNB) of Sri Lanka has officially stepped away from its plan to acquire Bank Alfalah’s operations in Bangladesh, as disclosed in a recent notification to the Pakistan Stock Exchange (PSX).
Last year, HNB had submitted a non-binding offer to take over Bank Alfalah’s Bangladesh branch network. The proposal had secured in-principle approvals from the central banks of both Pakistan and Bangladesh, paving the way for HNB to begin its due diligence. Both regulatory authorities granted formal approvals for the process on November 15, 2023.
However, in a recent development, HNB decided to withdraw from the acquisition. According to an official letter from Bank Alfalah to the PSX, HNB’s CEO confirmed that the bank’s Board of Directors, during a meeting on April 2, chose not to move forward with the deal.
Bank Alfalah currently operates over 1,024 branches in more than 200 cities across Pakistan and maintains an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE. On the other hand, HNB stands as one of Sri Lanka’s top private commercial banks, running a network of 251 branches nationwide.
