Dhaka, March 28 -- 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 meeti...