HNB pulls out of Bank Alfalah Bangladesh acquisition plans

Hatton National Bank (HNB) of Sri Lanka has withdrawn its non-binding offer to acquire Bank Alfalah's operations in Bangladesh.

According to a filing with the Colombo Stock Exchange (CSE), HNB's Board of Directors made the decision to terminate the acquisition process during a special meeting held yesterday.

By end of last year, HNB had received in-principle approvals from both the State Bank of Pakistan and Bangladesh Bank to conduct due diligence on Bank Alfalah Limited's (BAFL) operations in Bangladesh, indicating ongoing discussions for a potential acquisition.