KARACHI: Bank Alfalah Limited (BAFL) has received essential regulatory approvals to proceed with the sale of its operations in Afghanistan to Ghazanfar Bank, a bourse filing said on Wednesday.
In a notice sent to the Pakistan Stock Exchange (PSX), BAFL referred to its letter of December 4, saying that the PSX was informed of a non-binding offer received from Ghazanfar Bank, Afghanistan, to acquire BAFL’s operations and business in Afghanistan.
“In this regard, the SBP has granted its in-principle approval/clearance for the intended buyer, Ghazanfar Bank, to commence due diligence of BAFL’s Afghanistan operations,” the notice said.
“Further, the Central Bank of Afghanistan has also granted its approval to Ghazanfar Bank to commence due diligence,” it said. “Accordingly, BAFL will allow Ghazanfar Bank to proceed with the due diligence process.”
According to the notice, the proposed transaction will depend on the satisfactory completion of due diligence, the execution of definitive agreements, compliance with all applicable laws and regulations, and the receipt of all necessary regulatory and legal approvals from the relevant authorities in Pakistan and Afghanistan.
