Bank Alfalah cleared by SBP to conduct due diligence on Samba Bank

MG News | May 20, 2024 at 10:31 AM GMT+05:00

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May 20, 2024 (MLN): The State Bank of Pakistan (SBP) has approved Bank Alfalah Limited (PSX: BAFL), to conduct Due Diligence of Samba Bank Limited (PSX: SBL), subject to compliance with applicable laws, rules, and regulations.

SBL's filing on the Pakistan Stock Exchange (PSX) revealed this development today.

This progress follows SBL's decision to evaluate the non-binding offer and invite Bank Alfalah Limited to conduct due diligence on Samba Bank Limited as of March 29.

Accordingly, BAFL publicly announced its intention to acquire up to 84.51% of the shares of SBL, currently held by Saudi National Bank.

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