Bank Alfalah looking to acquire entire stake in Samba Bank
Saudi National Bank (SNB) has officially communicated to Bank Alfalah its
readiness to consider a non-binding indicative offer for the acquisition of its
entire stake, amounting to 100 percent, in Samba Bank.
In response, Bank Alfalah will proceed to seek approval from
the State Bank of Pakistan to initiate the due diligence process concerning
Samba Bank.
Bank
Alfalah enters into fintech foray
Bank Alfalah Limited had initially extended a Non-Binding
indicative offer to Saudi National Bank (SNB), the principal shareholder of
Samba Bank Limited (Samba), expressing interest in acquiring SNB's complete
stake in Samba Bank, representing approximately 84.51 percent of Samba Bank's
shares.
This proposal is contingent upon satisfactory due diligence,
the execution of definitive agreements, internal corporate approvals, obtaining
all requisite regulatory approvals, and adherence to all relevant legal and
regulatory procedures, including compliance with the Securities Act of 2015 and
associated regulations.
Source: Business Recorder