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operations, subject to regulatory approval and completion of legal formalities.

The sale process began in April last year. Legal formalities for the transfer of assets and liabilities are still pending, while core banking system migration must also be aligned.

The audit and valuation of Bank Alfalah’s Bangladesh operations were conducted by PricewaterhouseCoopers (PwC) Bangladesh, a UK-based multinational tax, audit, and consulting firm.

Bank Asia, which began its journey in 1999, is a pioneer in agent banking services in Bangladesh. If the acquisition is completed, it will be the third such takeover by Bank Asia in its 26 years of operation.

In 2001, the bank acquired the operations of the Canada-based Bank of Nova Scotia in Dhaka -- the first of its kind in Bangladesh’s banking history, according to Bank Asia’s website. It later took over the Bangladesh operations of Muslim Commercial Bank Ltd, a renowned Pakistani bank.

Bank Alfalah is incorporated in Pakistan, with its main capital base coming from Abu Dhabi Investment Funds.

Over 51 percent of its equity is held by the Abu Dhabi Royal Family. The bank began operations in Bangladesh in 2005 and currently has seven branches in the country.