Soneri Bank explores potential acquisition to diversify business operations

Soneri Bank Limited has disclosed its plans to explore options for a potential acquisition aimed at diversifying the bank's line of business. In a notice sent to the PSX in compliance with the Securities Act, 2015, the bank's Board of Directors has authorized the President & CEO to evaluate the acquisition of a target company.

The acquisition is currently at an evaluation stage, and the bank emphasized that it is contingent on several factors, including due diligence, negotiations, the execution of definitive transaction documents, and the receipt of all necessary corporate and regulatory approvals. The transaction is also subject to customary conditions precedent.

Soneri Bank confirmed that it would make further disclosures as required under applicable laws and regulations, including those set by the Pakistan Stock Exchange.