The shareholders of Pakistan-based Bank Alfalah Limited have approved the sale and transfer of its Bangladesh operations to Dhaka-based Bank Asia Limited for approximately $47.5 million (equivalent to around Tk 580 crore).

A source at Bank Asia confirmed that as part of the acquisition, an internal audit of Bank Alfalah’s Bangladesh operations has already been completed. The process, which began several months ago, is now nearing its final stages following the approval by the Pakistani bank’s shareholders. Bank Asia will soon officially take over the assets and operations of Bank Alfalah in Bangladesh.

The decision was announced by the stock-market-listed Bank Alfalah during its recently held Annual General Meeting (AGM). The records of the meeting were submitted to the Pakistan Stock Exchange (PSX) on Friday.

According to the approved resolution, Bank Alfalah has been authorized to transfer its Bangladesh business to Bank Asia Limited. The base consideration for the transaction is set at approximately Tk 580 crore, which stands at around $47.5 million at current market rates.

However, the final sale price is subject to standard closing adjustments in accordance with applicable laws and regulations during the merger. The entire acquisition process remains contingent upon the final regulatory approvals from the central banks of both countries—the State Bank of Pakistan and Bangladesh Bank.

Bank Asia, which began its operations in 1999, has a history of expanding its footprint by acquiring the local operations of foreign banks. Previously, it successfully acquired the Bangladesh operations of the Bank of Nova Scotia (Scotiabank) and Muslim Commercial Bank Limited (MCB).

On the other hand, Bank Alfalah is one of Pakistan’s leading commercial banks, operating over 1,000 branches across 200 cities. It also maintains an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE.

Earlier this year, Bank Alfalah also initiated moves to divest its investments from Afghanistan. The State Bank of Pakistan and the Central Bank of Afghanistan have already approved Ghazanfar Bank to begin the necessary due diligence for that transaction.