Pakistan-based Bank Alfalah has completed its exit from Afghanistan after 20 years of operations, transferring its local banking business to Ghaznfar Bank, the lender said in a notice to shareholders on Friday.
The bank said the transaction was completed on November 5 after the signing of final agreements, approval from the State Bank of Pakistan and Da Afghanistan Bank, and fulfilment of other required conditions.
The deal allows Bank Alfalah to sell and transfer its operations in Afghanistan to Ghaznfar Bank, following approval from the regulatory authorities in both countries.
“Bank Alfalah has accordingly ceased its banking operations in Afghanistan and will complete the closure of its Afghanistan branches in accordance with applicable regulatory requirements,” the notice said.
Bank Alfalah began operating in Kabul in 2005, offering both conventional and Islamic banking services.
