Bank Al-Falah Approves Offer From Bank Asia To Acquire Operation And Liabilities Bank Al-Falah intends to seek approval from the SBP for Bank Asia to initiate due diligence on Bank Al-Falah, Bangladesh.

ISLAMABAD  (  Web News  )

The Board of Directors of Bank Al-Falah Limited approved the offer from Bangladesh’s Bank Asia Limited to acquire the operations, assets, and liabilities of the bank.

In a notice issued to the stock market, Bank Al-Falah Limited announced that its Board of Directors gave initial approval to a non-binding indicative offer from Bank Asia Limited, based in Dhaka, Bangladesh, to acquire the operations, assets, and liabilities of the bank.

The completion of this transaction is contingent upon adherence to all relevant laws and regulations, as well as obtaining required regulatory clearances, according to Mettis Global.

Bank Al-Falah intends to seek approval from the State Bank of Pakistan for Bank Asia to initiate due diligence on Bank Al-Falah, Bangladesh.

Meanwhile, the State Bank of Pakistan (SBP) has reported a remarkable surge in workers’ remittances during March 2024, marking a significant uptick in Pakistan’s financial inflows. The influx soared to an impressive $3 billion, indicating a notable increase of 31.3% compared to the previous month and a substantial 16.4% surge year-on-year.

Recent data released by the SBP reveals that the cumulative remittances for the first nine months of FY24 amounted to $21 billion. This figure demonstrates a noteworthy rise of 0.9% compared to the corresponding period of FY23, which recorded remittances at $20.8 billion.

The majority of remittances during March 2024 originated from key countries, with Saudi Arabia leading the pack, contributing $703.1 million, closely followed by the United Arab Emirates with $548.5 million. Significant contributions also came from the United Kingdom and the United States of America, amounting to $461.5 million and $372.5 million, respectively, towards Pakistan’s remittance inflow.

This surge in remittances underscores the resilience of overseas Pakistanis, whose contributions serve as a vital economic lifeline for the nation. The steady increase reflects their trust and confidence in Pakistan’s economic stability, as well as their unwavering support during global economic challenges.

The substantial rise in remittances is expected to yield positive implications for Pakistan’s economy, contributing to foreign exchange reserves and bolstering the country’s financial outlook amid global economic uncertainties. This influx of funds enhances Pakistan’s economic resilience and strengthens its position in the international financial landscape.