HNB in talks to buy Bangladesh unit of top bank

Sri Lanka’s Hatton National Bank said it was given the go ahead by its board to enter talks to and make a non-binding offer to buy the Bangladesh unit of Bank Alfalah.

A further communication will be made once the Board reaches a final decision after due diligence, negotiations and necessary regulatory clearances, HNB said in a stock exchange filing.

Bank Alfalah is a multinational bank, which has a presence in UAE, Bahrain, Pakistan, Afghanistan and Bangladesh, the statement said.

Bank Alfalah is owned and operated by teh Abu Dhabi group according to its website.It had entered in Bangladesh in 2005 with the acquisition of Shamil Bank of Bahrain.Bank Alfalah had expanded its branch network to seven from one.

The current network is made up of, Gulshan Branch, Motijheel Islamic Banking Branch, Dhanmondi Branch, Uttara Branch, Mirpur Branch, Chattogram Agrabad Branch and Sylhet Branch.