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.
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