SBP allows BAFL to facilitate Bank Asia

RECORDER REPORT

KARACHI: The State Bank of Pakistan (SBP) has granted, in-principle, approval to Bank Alfalah Limited (BAFL) to facilitate Bank Asia Limited in conducting the due diligence of BAFL’s operations in Bangladesh, in view of the prospective sale of 100 percent of the assets and liabilities attributable to BAFL’s Bangladesh operations to Bank Asia.

The consummation of the proposed transaction is subject to detailed due diligence, execution of transaction documents and receipt of regulatory and third-party approvals and consents, material information sent to Pakistan Stock Exchange on Friday said.