Bank Alfalah Limited has submitted a non-binding indicative offer to Saudi National Bank (SNB), the principal shareholder of Samba Bank Limited, proposing to acquire its entire 84.51% stake in Samba Bank Pakistan.
Bank Alfalah informed the Pakistan Stock Exchange (PSX) through a notice on Friday that it has made a non-binding indicative offer to Saudi National Bank, the majority shareholder of Samba Bank Limited, to acquire their 100% stake in Samba which constitutes approximately 84.51% shares.
SNB has responded positively, expressing willingness to consider Bank Alfalah’s proposal.
Any decision relating to the potential transaction or process including access to information for purposes of diligence, shall be subject to internal and regulatory approvals, and execution of definitive agreements, read the notice.
The next step for Bank Alfalah is to obtain approval from the State Bank of Pakistan (SBP) to proceed with the due diligence process for the acquisition.
