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Bank Asia Buys Pakistani Bank Alfalah for Tk 600 Crore

Industry: Bank, Financial
Company: Bank Al-Falah, Bank Asia Limited
Company Intelligence Tag: Business Insights

Bank Asia has initiated the acquisition process of Bank Alfalah’s Bangladesh operations, estimated at Tk 600 crore, facilitated by PricewaterhouseCoopers (PwC) Bangladesh. This marks Bank Asia’s third acquisition of a foreign bank in Bangladesh, having previously acquired operations of Canadian and Pakistani banks. The acquisition involves payments in several stages, mitigating risks with clauses for loan defaults. Bank Alfalah, owned by Abu Dhabi Group, entered Bangladesh in 2005 and operates 7 branches. Upon completion, Bank Asia will integrate all operations and services, ensuring continuity for Bank Alfalah customers. This move is seen positively, enhancing Bank Asia’s Islamic banking and expanding its branch network. Bank Alfalah’s financial report shows significant capital and operations in Bangladesh, reinforcing the strategic value of this acquisition.

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