Islamabad, In a significant development reported on March 29, 2024, Samba Bank Limited announced that the Saudi National Bank (SNB), its majority shareholder, has received a non-binding offer from Bank Alfalah Limited for the proposed divestment of SNB's entire stake in Samba Bank Limited, also known as Samba Pakistan. This stake represents approximately 84.51% shares in Samba Pakistan, a key player in the financial sector.

The communication to the Pakistan Stock Exchange (PSE) detailed that the potential transaction is contingent upon several factors including internal and regulatory approvals, the execution of definitive agreements, and due diligence. The Saudi National Bank’s letter to Samba Bank Limited, which outlines the non-binding offer from Bank Alfalah, was appended as part of the disclosure to the PSE.

The process moving forward includes the evaluation of the offer by SNB, which will be subject to compliance with applicable laws. This includes the execution of a non-disclosure agreement, a public announcement of intention by Bank Alfalah Limited as required under the Securities Act of 2015, and obtaining approval from the State Bank of Pakistan.

Samba Bank Limited, through its chairman, Mr. Mustafa Ilyas, assured stakeholders of transparency and regulatory compliance in all proceedings related to the potential transaction. The bank has committed to keeping the market and its investors informed about any material developments regarding this potential divestment.