Karachi: Tuesday, November 12, 2024 – Saudi National Bank (SNB) has decided against selling its majority stake in Samba Bank Limited (PSX: SBL), as disclosed in a notification to the Pakistan Stock Exchange (PSX) on Tuesday.
The announcement stated, “We have been notified that after the completion of due diligence and exploration for the sale of its shares in Samba Bank Limited (Samba Pakistan), Saudi National Bank (SNB), as the majority shareholder of Samba Pakistan, has decided to terminate the sale process for its equity stake.”
This development comes after Bank Alfalah Limited (PSX: BAFL) had submitted an offer in April 2024 to acquire 84.51 percent of Samba Bank’s shares held by SNB. The acquisition process initially began in March 2024 when Bank Alfalah presented a non-binding indicative offer to SNB for the purchase of its stake in Samba Bank. Following this, the State Bank of Pakistan granted approval in May for BAFL to conduct due diligence on SNB’s holdings in Samba Bank.
With SNB’s recent decision to exit the sale process, the acquisition talks have come to an end, leaving the future of Samba Bank’s ownership unchanged.
