{"id":1630,"date":"2024-11-14T10:06:14","date_gmt":"2024-11-14T10:06:14","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1630"},"modified":"2025-01-17T17:29:11","modified_gmt":"2025-01-17T17:29:11","slug":"bank-alfalah-withdraws-offer-to-buy-majority-stake-in-samba-bank","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1630","title":{"rendered":"Bank Alfalah Withdraws Offer to Buy Majority Stake in Samba Bank"},"content":{"rendered":"\r\n\r\n\r\n

In a recent development, Bank Alfalah Limited (BAFL)<\/a>, one of Pakistan\u2019s leading commercial banks, has officially withdrawn its public announcement of intention (PAI) to acquire a majority stake in Samba Bank Limited<\/a>. The decision follows the Saudi National Bank\u2019s (SNB)<\/a> termination of its plans to divest its approximately 84.51% stake in Samba Pakistan.<\/p>\r\n\r\n\r\n\r\n

BAFL had initially received in-principle approval from the State Bank of Pakistan (SBP) in May, granting the bank permission to conduct due diligence on Samba Bank in connection with the proposed acquisition of SNB\u2019s equity stake. Arif Habib Limited, acting as the Manager to the Offer on behalf of BAFL, confirmed the withdrawal of the PAI in a notice published in Business Recorder and Nawa-i-Waqt on November 14, 2024.<\/p>\r\n\r\n\r\n\r\n

\u201cSaudi National Bank has terminated the process for the sale of its equity stake in Samba Bank Pakistan,\u201d BAFL stated in its notice to the Pakistan Stock Exchange (PSX). BAFL\u2019s public announcement in April had expressed its intent to acquire SNB\u2019s substantial shareholding in Samba Bank Limited, following which due diligence was carried out as approved by the SBP.<\/p>\r\n\r\n\r\n\r\n

In a statement to the stock exchange, Samba Bank echoed SNB\u2019s decision, saying, \u201cWe have been notified that after completing due diligence and exploring the sale of its shares, the Saudi National Bank, as the majority shareholder of Samba Bank Pakistan, has decided to terminate the process for selling its stake.\u201d<\/p>\r\n\r\n\r\n\r\n

This recent announcement marks the latest in a series of acquisition attempts involving Samba Bank. Back in 2021, a consortium that included members of Samba Bank\u2019s management, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC, expressed firm interest in acquiring control over the 84.51% stake in Samba Bank.<\/p>\r\n\r\n\r\n\r\n

For now, however, with SNB\u2019s decision to retain its stake, any further acquisition of Samba Bank remains on hold.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

In a recent development, Bank Alfalah Limited (BAFL), one of Pakistan’s leading commercial banks, has officially withdrawn its public announcement of intention (PAI) to acquire a majority stake in Samba Bank Limited. The decision follows the Saudi National Bank’s (SNB) termination of its plans to divest its approximately 84.51% stake in Samba Pakistan. BAFL had […]<\/p>\n","protected":false},"author":1,"featured_media":1631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[171,402,14,991,992],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t