SNB terminates sale of Samba Bank Pakistan

12/11/2024 Argaam
Logo ofSaudi National Bank (SNB)

Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) terminated the sale of its subsidiary, Samba Bank Limited (Samba Pakistan), according to media reports, citing a statement published on the Pakistan Stock Exchange.

 

SNB's ownership stake in the bank stands at 84.5%.

 

The decision to suspend the transaction comes after the completion of due diligence on a preliminary deal, the report said.

 

Last March, Pakistan’s Bank Alfalah Ltd submitted a non-binding indicative offer to acquire to acquire SNB’s stake in Samba Pakistan. The transaction hinged on due diligence completion and securing all required legal and regulatory approvals, including securities compliance.

 

At the time, Bank Alfalah confirmed SNB's acceptance of the offer, along with details and assessments of the proposal.

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