Saudi National Bank approves divestment of SBL

MG News | October 05, 2021 at 10:54 AM GMT+05:00

0:00

October 5, 2021 (MLN): The Board of Directors of Saudi National Bank (SNB) has approved the commencement of an orderly well managed divestment of Samba Bank Limited (SBL) Pakistan.

According to the notice, Samba Bank has received formal communication from SNB that approved the following actions to undertake a strategic review of its option in respect of SBL.

To advise Samba Bank Limited on engagement with the regulators in Pakistan for the process, as necessary;
To revert to the Board of Directors of SNB, before commencing a process of due diligence based on the receipt of non-binding offers and feedback from the market in the evaluation of this option.

Earlier, on 21 September, SNB, as the immediate parent company of Samba Bank Limited, had notified that it was considering all its strategic options in relation to its shareholding in SBL, including potential mergers, acquisitions, divestment, and/or restructuring.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	156,177.82 367.85M	-0.00% -3.12
ALLSHR	95,630.38 1,498.37M	-0.06% -60.44
KSE30	47,678.47 206.79M	-0.08% -35.92
KMI30	229,682.22 174.86M	-0.02% -39.87
KMIALLSHR	64,366.76 638.47M	-0.08% -53.31
BKTi	41,922.80 89.51M	-0.11% -46.72
OGTi	31,735.79 16.87M	-0.80% -255.97

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	116,995.00	117,030.00 116,115.00	1170.00 1.01%
BRENT CRUDE	67.91	68.59 67.62	-0.56 -0.82%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	93.50	93.50 93.50	0.15 0.16%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	63.79	63.79 63.59	-0.26 -0.41%
SUGAR #11 WORLD	16.23	16.59 16.23	-0.33 -1.99%