Bank Alfalah Limited has accepted a formal proposal from Ghazanfar Bank of Afghanistan to take steps toward acquiring its Afghanistan operations, marking a major shift in cross‑border banking activity. The deal would allow Ghazanfar Bank to begin due diligence on Bank Alfalah’s Afghan business, subject to regulatory checks and approvals.
The State Bank of Pakistan State Bank of Pakistan has granted in‑principle approval, and the Central Bank of Afghanistan has also cleared the process, enabling Ghazanfar Bank to start its review of Bank Alfalah’s Afghan branches. The transaction is contingent on successful due diligence and subsequent legal approvals from authorities in both countries.
Regulators Clear Initial Due Diligence Process
With regulatory green lights in place from both Pakistan and Afghanistan, Bank Alfalah will allow Ghazanfar Bank to conduct comprehensive due diligence on its Afghan branches, which include key operations in Kabul and Herat.
Due diligence is a critical stage in the potential acquisition. It involves a detailed review of Bank Alfalah’s financials, assets, liabilities and operational structure in Afghanistan. Only after satisfactory completion can the parties negotiate definitive agreements.
Industry analysts note that this step represents a strategic pivot for Bank Alfalah, which has maintained a presence in Afghanistan for nearly two decades, first entering the market in 2005. The proposed sale comes after a non‑binding offer from Ghazanfar Bank was disclosed in December 2025.
Background on Afghanistan Banking and Regulatory Approvals
In the past, Bank Alfalah accepted a non‑binding offer from Ghazanfar Bank to acquire its Afghan operations, but the transaction required regulatory clearance before advancing.
Both the State Bank of Pakistan and the Central Bank of Afghanistan had to ensure that the due diligence process could begin, reflecting cross‑border cooperation in the banking sector.
Once final agreements are signed and all regulatory approvals obtained, this acquisition could reshape the competitive landscape of banking services in Afghanistan and further strengthen Ghazanfar Bank’s footprint in the Afghan financial market.
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