Bank Alfalah decides to close its operations in Afghanistan

ISLAMABAD: In a recent development, the Bank Alfalah has decided to close its operations in Afghanistan.

The bank has officially informed the stock exchange about this decision.

According to the announcement, Bank Alfalah’s operations in Afghanistan are being terminated after getting permission from the State Bank of Pakistan.

Bank Alfalah had been providing its services in Afghanistan for many years.

The letter states that Afghanistan’s Ghazanfar Bank had expressed interest in purchasing the relevant operations of Bank Alfalah, after which the regulatory approval process was initiated.

Both the State Bank of Pakistan and the Central Bank of Afghanistan have given regulatory approval in this regard, while the Afghan government has also allowed Ghazanfar Bank to conduct due diligence.

Ghazanfar Bank has also received approval from the Central Bank of Afghanistan to start the due diligence process, after which the way has been paved for the completion of the purchase process.