KARACHI: The Hatton National Bank (HNB) of Sri Lanka has decided not to acquire the Bank Alfalah’s operations in Bangladesh.
According to information shared by Bank Alfalah Limited (BAFL) with the Pakistan Stock Exchange, the HNB had initially expressed a non-binding offer last year to acquire BAFL’s Bangladesh operations.
This led to in-principle approval from the central banks of Pakistan and Bangladesh, allowing HNB to conduct due diligence on Bank Alfalah’s Bangladesh operations. On November 15, 2023, both central banks formally granted approval for BAFL to facilitate HNB’s due diligence process. However, HNB has now opted out of the acquisition.
“The CEO of HNB has informed that their Board of Directors, in a meeting held on April 2, decided not to proceed with the acquisition of Bank Alfalah’s operations in Bangladesh,” stated an official letter sent by Bank Alfalah to PSX.
Bank Alfalah currently operates a network of over 1,024 branches across more than 200 cities in Pakistan, with an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE. Similarly, the HNB is a leading private-sector commercial bank in Sri Lanka, operating 251 branches across the country.
Copyright Business Recorder, 2025
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