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The Hatton National Bank PLC HNB) from Sri Lanka just withdrew on its plan to purchase Bank Alfalah Limited’s Bangladesh operations. Having been eyeing it since last year, they sought out and received the green light from both Pakistan and Bangladesh’s central banks to do their homework as per due diligence. However, digging into the details led HNB’s board to sit down on April 2nd and change course to the opposite direction.
Bank Alfalah shared the update with the Pakistan Stock Exchange – PSX, making it official. No details were revealed beyond a clean exit. For context, Bank Alfalah has a rather strong presence: over 1,000 branches in Pakistan with a few dotted across places like Bangladesh, UAE, Bahrain, and Afghanistan. HNB, meanwhile, is a heavyweight in Sri Lanka with 251 branches.
What looked like a cross-border banking merger is now off the table. No deal, no drama, just a classic corporate change of heart.
