February 3, 2022 (MLN): United Bank Limited (UBL) has submitted a Public Announcement of Intention (PAI) to acquire up to 852,040,531 ordinary shares of Samba Bank Limited (SBL).

These shares represent 84.51% of the total issued and paid-up capital together with management control of SBL.

For the aforesaid acquisition, UBL has appointed AKD Securities Limited as the Manager to the Offer.

Last week, UBL obtained in-principle approval of SBP to commence the due diligence of Samba Bank Limited for the acquisition of the above-mentioned shareholding of SBL, currently held by Saudi National Bank (SNB).

It is pertinent to note that Fatima Fertilizer Company Limited (FATIMA) and Askari Bank Limited (AKBL) had also shown interest to acquire 84.51% shares of SBL and UBL in this regard, granted in-principle approval of SBP to commence the due diligence activities.

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.

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