Samba Financial Group merges into Saudi National Bank

News Image

MG News | April 01, 2021 at 03:59 PM GMT+05:00

0:00

April 1, 2021 (MLN):  Samba Bank Limited has received intimation that the merger between its majority shareholder company Samba Financial Group ("SFG") (of the Kingdom of Saudi Arabia) and The National Commercial Bank ("NCB") (of the Kingdom of Saudi Arabia), has now been renamed as The Saudi National Bank ("SNB")

According to the bank’s notice to PSX, this has become effective as of April 1, 2021, and SFG has merged with and into SNB, as a result of which SFG has ceased to exist.

Consequently, all the assets and liabilities of SFG (including its shareholding in the Bank) stand vested in SNB by operation of law.

It is emphasized that while the said merger has become effective under the laws of the Kingdom of Saudi Arabia, and the State Bank of Pakistan has provided its in-principle approval for The National Commercial Bank (which has been renamed as The Saudi National Bank) as the sponsor of the Bank, the requisite approvals / no-objections are being sought from the State Bank of Pakistan for the transfer of the subject shares in the name of SNB.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 137,139.42
28.83M
0.56%
759.45
ALLSHR 85,011.73
42.92M
0.43%
363.37
KSE30 41,782.86
4.60M
0.57%
236.63
KMI30 192,976.84
4.42M
0.66%
1257.07
KMIALLSHR 56,058.01
32.38M
0.41%
230.27
BKTi 37,859.80
0.26M
0.09%
32.20
OGTi 27,666.46
0.10M
-0.02%
-4.21
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,365.00 119,915.00
118,035.00
-1265.00
-1.06%
BRENT CRUDE 68.79 69.01
68.74
0.27
0.39%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
1.80
1.90%
ROTTERDAM COAL MONTHLY 104.50 0.00
0.00
-1.05
-0.99%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.76 66.99
66.58
0.38
0.57%
SUGAR #11 WORLD 16.55 16.67
16.40
-0.01
-0.06%

Chart of the Day


Latest News
July 17, 2025 at 09:27 AM GMT+05:00

NBP issues foreign exchange rates


July 17, 2025 at 09:25 AM GMT+05:00

Asia markets subdued amid global uncertainty


July 17, 2025 at 09:10 AM GMT+05:00

Pakistan, El Salvador partner on bitcoin, digital asset


July 17, 2025 at 06:31 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 16, 2025 at 11:00 PM GMT+05:00

SBP raises Rs342bn in PIB Auction



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg