In a joint ceremony held in Dubai, Bank Alfalah Ltd. signed an agreement to transfer its Afghanistan Operations to Azizi Bank, a leading financial institution in Afghanistan. Bank Alfalah’s Afghanistan operations had total assets of Afghani 15.3 Billion as of 31st March, 2018.
The transfer will result in Bank Alfalah Afghanistan’s employees and retail branches becoming a part of Azizi Bank. The regional expertise of Azizi Bank is seen as a major benefit to the continued delivery of high service standards that Bank Alfalah’s customers have come to expect, while opening greater investment and growth opportunities for Bank Alfalah in their largest geographic market, Pakistan. The agreement is subject to mandatory regulatory approvals in both Countries.
The agreement was signed by Nauman Ansari, CEO Bank Alfalah, and Mohammad Salem Omaid, CEO Azizi Bank. Senior management from both organizations were present at the ceremony.
Speaking at the occasion, Nauman Ansari, CEO Bank Alfalah, said, “It gives me great pleasure to announce the agreement to transfer Bank Alfalah’s Afghanistan operations to one of the leading Afghan banks, Azizi Bank. This agreement demonstrates Bank Alfalah’s commitment to always giving the highest priority to delivering the best customer experience in all the regions where we operate.
We believe that regional expertise contributes tremendously to the operational excellence required for achieving the high standards our customers deserve. We are confident that Azizi Bank’s experience and specialized regional knowledge will only add to the value our customers will receive from their banking relationships with us.”
CEO Azizi Bank, Mohammad Salem Omaid, addressed the gathering and said, “We are very proud today. This acquisition takes us further in our endeavor to become Afghanistan’s biggest bank. Bank Alfalah’s reputation for putting their customers first and providing top services, combined with Azizi Bank’s extensive presence and providing a large bouquet of quality services in Afghanistan, takes us well on our way to providing our customers with the very best banking services.
Grant Thornton Consulting, the Financial Advisors and RIAA Barker Gillette the Legal Advisors to the transaction were also present.