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Saudi National Bank (SNB) has decided to terminate the process of selling its equity stake in Samba Bank Limited. This update was announced by Samba Bank, a subsidiary of SNB, in a notice to the Pakistan Stock Exchange (PSX).
“We have been notified that after completion of due diligence and an exploration for the sale of its shares in Samba Bank Limited (Samba Pakistan), the Saudi National Bank, as the majority shareholder of Samba Pakistan are terminating the process for the sale of SNB’s equity stake in Samba Pakistan,” the notice stated.
Bank Alfalah Limited (BAHL), a prominent commercial bank in Pakistan, made a public announcement in April that it intended to acquire a majority stake in Samba Bank Limited.
“We would like to inform that M/s Arif Habib Limited, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51% shares of the target company, held by Saudi National Bank, on behalf of the acquirer,” read the announcement.
Subsequently, in May, BAHL requested permission from the SBP to conduct due diligence on Samba Bank Limited in Pakistan, and the request was approved.
This development comes after an earlier attempt in 2021 when Samba Bank had received a firm intention from a consortium that included some members of Samba Bank’s management, Fatima Fertiliser Company Limited, and Gulf Islamic Investment LLC. The consortium offered to acquire 852.040 million voting shares, which amounted to 84.51% of the bank’s paid-up capital.
