January 26, 2022 (MLN): The State Bank of Pakistan (SBP) has granted in-principle approval to United Bank Limited (UBL) to commence the due diligence of Samba Bank Limited (SBL) in respect of the acquisition of 84.51% shareholding of SBL, currently held by Saudi National Bank, UBL has informed through a notice to exchange today.
To recall, on September 21, 2021, Saudi National Bank (SNB), as the immediate parent company of SBL, had notified that it is considering all its strategic options in relation to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring.
It is pertinent to note that the Fatima Fertilizer Company Limited (FATIMA) had also shown interest to acquire 84.51% shares of SBL as the board of directors of FATIMA had approved to evaluate and pursue (including as part of a consortium of parties) the potential acquisition of the said shareholding of SBL proposed to be sold by Saudi National Bank, including to conduct due diligence of the bank. However, it was subject to obtaining the requisite permission of SBP.
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