Bank Alfalah quits Kabul after 20 years

Bank Alfalah has withdrawn from Afghanistan after transferring its local assets and operations to Ghaznafar Bank, the lender disclosed to shareholders on Friday. The deal was completed on Nov 5, after transaction documents were signed and the required clearances from the State Bank of Pakistan and Da Afghanistan Bank were obtained. Both regulators approved the transfer, according to the notice filed with the Pakistan Stock Exchange.

The lender said it has stopped providing banking services in Afghanistan and will now close its branches there under applicable regulations. Bank Alfalah began operating in Kabul in 2005, offering conventional and Islamic services, so the withdrawal ends its 20-year presence in the country. The development directly concerns BAFL's overseas operations and its transfer of business to another Afghan bank.