Bank Alfalah offers to acquire SNB's stake in Samba Bank

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MG News | March 29, 2024 at 09:16 AM GMT+05:00

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March 29, 2024 (MLN): Saudi National Bank (SNB), as the majority shareholder of Samba Bank Limited (PSX: SBL), has received a nonbinding offer from Bank Alfalah Limited relating to the proposed divestment of SNB's 100% stake in SBL Pakistan, representing approximately 84.51 % shares in Samba Pakistan, the company's filing on PSX revealed today. 

SNB has agreed to evaluate the non-binding offer and will invite Bank Alfalah Limited to conduct diligence on Samba Pakistan.

This is subject to compliance with requirements under applicable law, including execution of a non-disclosure agreement, issuance of public announcement of intention by Bank Alfalah Limited under the Securities Act, 2015 and approval from the State Bank of Pakistan. 

Any decision relating to the Potential Transaction shall be subject to internal and regulatory approvals, and execution of definitive agreements.

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