AKBL obtains SBP’s approval to conduct due diligence for acquiring 84.5% SBL’s shares

MG News | February 02, 2022 at 04:13 PM GMT+05:00

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February 2, 2022 (MLN): The State Bank of Pakistan (SBP) has granted in-principle approval to Askari Bank Limited (AKBL) to commence the due diligence of Samba Bank Limited (SBL) in respect of the acquisition of 84.51% shareholding of SBL, currently held by Saudi National Bank, AKBL informed through a notifciation to exchange.

To recall, on September 21, 2021, Saudi National Bank (SNB), as the immediate parent company of SBL, had notified that it is considering all its strategic options in relation to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring.

Last week, SBP had granted in-principle approval to United Bank Limited (UBL) to commence the due diligence of Samba Bank Limited (SBL) in respect of the acquisition of 84.51% shareholding of SBL, currently held by Saudi National Bank.

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