SNB considers strategic options regarding its shareholding in Samba Bank

MG News | September 21, 2021 at 04:00 PM GMT+05:00

0:00

September 21, 2021 (MLN): Saudi National Bank ("SNB"), as the immediate parent company of Samba Bank Limited, has 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.

In a notification to Exchange, SNB said that any decision relating to the Strategic Review shall be subject to internal approvals and may be subject to regulatory approvals as well as execution of definitive agreements.

It may be mentioned that SNB is the successor entity of Samba Financial Group, pursuant to a merger process in the Kingdom of Saudi Arabia, and regulatory formalities for the formal recording of Saudi National Bank as the successor entity in Pakistan is under process, the notice added.

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