It was decided not to allow any other banks to merge. However, Bangladesh Bank has given permission to Bank Asia to acquire foreign owned Bank Alfalah by retreating from that decision. As part of the new dimension, the private commercial Bank Asia of Bangladesh is planning to acquire the Bank Alfalah. Karachi-based Bank Alfalah informed the Pakistan Stock Exchange on Wednesday, April 17.

According to the published information, the Board of Directors of Bank Alfalah Limited has given de facto approval to the non-binding indicative proposal received for the acquisition of Bangladesh operations, assets and liabilities of Bank Asia Limited. It said Bank Alfalah is seeking approval from the State Bank of Pakistan to commence operations for Bank Asia in Bangladesh.

Bank Asia managing director Sohail R K Hussain said this is an ongoing process and is not part of much talk of a merger.

According to related sources, the matter of acquisition will be finalized in the meeting with the executives of the two banks next week.