Alfalah secures SBP authorization for due diligence process
Bank Alfalah Limited (BAFL) has obtained clearance from the State Bank of Pakistan (SBP) to initiate due diligence on Samba Bank LimitBank Ltd, marking a pivotal step towards potentially acquiring a majority stake in the bank, BAFL announced on Monday.
Referring to BAFL's public announcement on April 9, 2024, regarding its proposed acquisition of 84.51 percent shares of Samba Bank Limited held by Saudi National Bank, BAFL issued a notice to the Pakistan Stock Exchange (PSX), stating, "We are delighted to report that the SBP has accorded its approval to BAFL to commence the due diligence process of the target company."
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BAFL, one of the leading banks in Pakistan, unveiled its strategic intent to acquire a stake in Samba Bank last month. This prospective acquisition aligns with BAFL's expansion strategy and is poised to fortify its position within the Pakistani banking landscape.
Previously, Samba Bank had entertained an acquisition proposition from a consortium of investors in 2021, albeit the deal did not materialize.
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With a robust network comprising over 1,024 branches nationwide and an international footprint extending to Afghanistan, Bangladesh, Bahrain, and the UAE, BAFL is positioned for further growth and rominence in the financial sector.
Source:
The News