Islamabad, Aug 26: Hatton National Bank (HNB) of Sri Lanka has made a non-binding bid to purchase Bank Alfalah Limited’s (PSX: BAFL) Bangladesh Operations. The bank stated that this non-binding offer is in addition to the non-binding offer that it has already received from Bank Asia Ltd. (Bangladesh) in a notice on Monday to the Pakistan Stock Exchange (PSX).
The notice further stated, “The non-binding offer received from HNB of Sri Lanka to acquire the Bank’s Bangladesh Operations/assets and liabilities has been accorded its in-principle approval/acceptance by the Board of Directors of the Bank, subject to compliance with all applicable laws/regulations and obtaining of necessary/ regulatory approvals.”
According to Bank Alfalah, in order for HNB to start its due diligence on Bank Alfalah, Bangladesh Operations, it will now request permission from the central banks of Bangladesh and Pakistan. In April, the non-binding indicative bid that Bank Asia Limited made to purchase BAFL’s Bangladesh Operations, assets, and liabilities was approved in principle by the board of directors of the company.
