SBP allows Bank Alfalah to conduct due diligence of Samba Bank

The State Bank of Pakistan (SBP) has granted its approval to Bank Alfalah Limited (BAFL) to conduct Due Diligence of Samba Bank Limited (SBL). 

Samba Bank on Monday shared this information through a notice with the Pakistan Stock Exchange (PSX). 

According to the notice, this due diligence is, however, subject to compliance with applicable laws, rules, and regulations.

Read This: After its own employees opposed an attempt to sell Samba Bank two years ago, the Saudi-owned bank is up for sale again. Will Bank Alfalah succeed where five others failed?

Last month, Bank Alfalah announced its intention to acquire up to 84.51% shares of the Samba Bank, held by Saudi National Bank. 

Saudi National Bank is the principal shareholder of Samba Bank Limited with 84.51%, which Bank Alfalah intends to acquire. 

On March 29, 2024, Bank Alfalah submitted a non-binding indicative offer to Saudi National Bank (SNB), proposing to acquire its entire 84.51% stake in Samba Bank Pakistan. 

SNB responded positively to the non-binding indicative offer, expressing willingness to consider Bank Alfalah’s proposal.