Islamabad, Nov 12: On Tuesday, Samba Bank, a subsidiary of the Saudi National Bank (SNB), shared an update with the Pakistan Stock Exchange (PSX) about its shareholding plans.
The notice stated that, after due diligence and reviewing options to sell its shares in Samba Bank Limited, SNB has decided to stop the sale process.
In April, Bank Alfalah Limited (BAHL), a major commercial bank in Pakistan, expressed intent to buy a majority stake in Samba Bank Limited.
The notice read, “We announce that M/s Arif Habib Limited, as offer manager, has submitted a public announcement to acquire up to 84.51% of shares held by SNB, on behalf of the acquirer.”
After this, the State Bank of Pakistan (SBP) allowed BAHL to conduct due diligence on Samba Bank in May.
In 2021, Samba Bank had also received an acquisition interest from a consortium.
This included members of its management, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC.
They aimed to acquire 852.040 million voting shares, representing 84.51% of Samba Bank’s capital.
However, the closure of the Saudi National Bank’s stake sale in Samba Bank is a strategic move that underscores the bank’s commitment to its investments and future growth.
By retaining its position in Samba Bank, Saudi National Bank is poised to continue its leadership role in the region’s financial sector while ensuring Samba Bank’s stability and success in the years to come.
