Bank Asia initiates process to acquire local operations of Pakistan’s Bank Alfalah

Bangladesh’s private commercial lender Bank Asia has initiated the process to acquire Bangladesh operations of Pakistan’s Bank Alfalah.

The two banks signed a memorandum of understanding over the acquisition last month.

British firm PricewaterhouseCoopers (PwC) is conducting the audit and valuation process for the acquisition. Bank Asia officials hope the process will be completed by this year.

A local newspaper said the estimated costs for the acquisition would be Tk 6 billion. The payment will be made in some instalments.

The acquisition will be the third one for Bank Asia to take over the Bangladesh operations of a foreign bank. The bank acquired Bangladesh operations of Canada-based Bank of Nova Scotia and Pakistan-based Muslim Commercial Bank Limited (MCB) in 2001.