B Mirror Report: Pakistan-based Bank Alfalah Limited has received shareholder approval to sell its Bangladesh operations to Dhaka-based Bank Asia Limited for an estimated $47.5 million, equivalent to around Tk 5.80 billion, according to UNB reports.

A Bank Asia source confirmed that an internal audit of Bank Alfalah’s local operations in Bangladesh has been completed. The acquisition process, which started several months ago, is now approaching its final phase following the green light from Bank Alfalah’s shareholders. Bank Asia is expected to formally take over the assets and operations soon.

The decision was disclosed by Bank Alfalah, which is listed on the Pakistan Stock Exchange, during its recent Annual General Meeting (AGM). The meeting records were submitted to the PSX on Friday.

Under the approved resolution, Bank Alfalah is authorised to transfer its Bangladesh business to Bank Asia Limited. The initial transaction consideration is approximately Tk 5.80 billion ($47.5 million at current rates). However, the final price will be adjusted based on standard closing procedures under applicable laws and regulations. The completion of the deal also requires final regulatory approval from the central banks of both Pakistan and Bangladesh.

Bank Asia, founded in 1999, has a track record of expanding its network by acquiring the local operations of foreign banks. It previously completed acquisitions of the Bangladesh branches of Bank of Nova Scotia (Scotiabank) and Muslim Commercial Bank Limited (MCB).

Bank Alfalah, one of Pakistan’s major commercial banks, operates more than 1,000 branches across 200 cities and maintains an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE. Earlier this year, the bank also began steps to divest its Afghan operations, with approvals from the State Bank of Pakistan and the Central Bank of Afghanistan allowing Ghazanfar Bank to carry out due diligence for that transaction.