Pak, BD central banks grant in-principle approval to BAFL

RECORDER REPORT

KARACHI: Both the State Bank of Pakistan (SBP) and the Bangladesh Bank have, on November 07, 2024 and November 14, 2024, respectively, granted in-principle approval to Bank Alfalah Limited (BAFL) to facilitate Hatton National Bank PLC (“HNB”) of Sri Lanka 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 HNB (the “Proposed Transaction”).

This is in addition to the due diligence process already under way by Bank Asia Ltd. (Bangladesh), material information sent to Pakistan Stock Exchange on Friday said.

The consummation of the Proposed Transaction is subject to detailed due diligence, acceptance by BAFL of a binding offer and execution of transaction documents and receipt of regulatory and third- party approvals and

consents, it added.