Another year, another suitor for Samba Bank Pakistan.
In its latest notice to the Pakistan Stock Exchange (PSX), Samba Bank Ltd disclosed that its parent, Saudi National Bank (SNB), has received a non‑binding offer from Najd Gateway Holding Company of Saudi Arabia to acquire SNB’s entire shareholding in the bank – roughly 84.5% of the issued shares.
The wording is familiar to anyone who has followed the Samba story over the past few years. The PSX disclosure describes the approach as a “non‑binding offer relating to the proposed divestment” of SNB’s stake, with any eventual transaction subject to internal approvals, satisfactory due diligence and the usual round of regulatory consents in both Pakistan and Saudi Arabia.
For now, that makes Najd Gateway the latest in a procession of would‑be buyers that have circled Pakistan’s smallest commercial bank – a list that already includes Meezan Bank, United Bank, Askari Bank, Bank Alfalah, a management–Fatima Fertilizer–Gulf Islamic Investments consortium, and even a troubled fintech startup, TAG. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
