The Board of Directors of Bank Alfalah Limited (BAFL), one of the largest commercial banks in Pakistan, has approved the sale of its Bangladesh operations to Bank Asia Limited, a private-sector commercial bank based in Dhaka.
BAFL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“We are pleased to inform you that the Board of Directors of Bank Alfalah Limited, has accorded its approval to sell the bank’s Bangladesh operations to Bank Asia Limited, Dhaka, Bangladesh.
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The transaction is subject to “approval of the State Bank of Pakistan (SBP), the Central Bank of Bangladesh, and/or any other regulatory authority, compliance with necessary legal/procedural requirements, and the execution of definitive agreements,” read the notice.
A Memorandum of Understanding (MoU) was signed on May 28, 2025.
About the banks
Incorporated in 1999, Bank Asia expanded operations with the purchase of Bank of Nova Scotia branches and Muslim Commercial Bank Limited’s (MCB) Bangladesh operations. In 2001, it purchased the operations of Scotiabank which entered Bangladesh in 1999.
BAFL is one of the largest banks in Pakistan, with a network of over 1,024 branches across more than 200 cities in the country, and an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE.
BAFL reported a profit after tax of Rs7.04 billion for the quarter ended March 31, 2025, translating into an earnings per share (EPS) of Rs4.46.
The Board of Directors also declared an interim cash dividend of Rs2.5 per share i.e. 25%.
