The Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (Samba Pakistan), has received a non-binding offer from Najd Gateway Holding Company to acquire SNB’s 100% stake in Samba Bank, representing approximately 84.51% of Samba Pakistan’s shares.
The potential transaction is now under review, with further developments dependent on internal and regulatory approvals, as well as the execution of definitive agreements.
The development was disclosed at the local bourse through a notice on Friday.
In its notice, Samba Bank Limited said that any decision regarding the transaction, including access to information for due diligence purposes, will be contingent upon these approvals.
The offer comes as part of ongoing efforts by SNB to explore divestment opportunities for its stake in Samba Bank, a process which could significantly impact the structure and future of the bank.
Last year, Bank Alfalah, one of Pakistan’s major commercial banks, withdrew its public announcement of intention (PAI) to acquire a majority stake in Samba Pakistan after Saudi National Bank’s move to terminate its plans to divest its stake.
On November 12, 2024, Samba Bank notified the PSX that SNB, its majority shareholder, decided to halt the sale of its equity stake in the bank.
Previously, in 2021, Samba Bank received a firm acquisition proposal from a consortium consisting of Samba Bank’s management, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC, aiming to acquire control of 852.040 million voting shares, representing 84.51% of the bank’s paid-up capital.
In March 2025, Samba Bank took a step toward transforming into a full-fledged Islamic bank after its board granted in-principle approval for the conversion from conventional banking.
“The Board of Samba Bank Limited has, in principle, approved the plan to convert from Conventional to Islamic Bank,” read a regulatory filing submitted to PSX.
