Najd Gateway Holding Company offers to buy 84.5% stake in Samba Bank Pakistan
Saudi National
Bank (SNB), the majority shareholder in Samba Bank Limited,
has received a non-binding offer from Najd Gateway Holding Company for the
potential sale of its 84.5% stake in the Pakistani lender, according to a
filing with the Pakistan Stock Exchange
(PSX) on Friday.
This development places Samba Bank among the most significant financial assets currently up for consideration in Pakistan’s banking sector. The country’s banking landscape remains largely dominated by foreign ownership, though such transactions are often subject to various factors, including capital requirements, valuation concerns, and broader macroeconomic pressures. If the proposed acquisition moves forward, it could represent one of the most notable foreign banking exits in recent years.
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The filing stated that the offer from Najd
Gateway Holding Company concerns the potential divestment of SNB’s full 100%
stake in Samba Bank. The transaction, however, remains contingent on multiple
approvals. These include internal decisions by SNB, regulatory clearance from
Pakistan's State Bank and the Securities & Exchange Commission of Pakistan,
and the execution of definitive agreements.
“Any decision related to this potential
transaction, including access to relevant documents for due diligence, will be
subject to internal and regulatory approvals,” the filing noted.
If completed, the sale could lead to a change in ownership strategy, which may prompt a review of Samba Bank’s capital commitments, governance structure, and operational continuity under new ownership. However, details such as the valuation, timeline, and negotiation status were not disclosed in the filing.
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The disclosure was issued in accordance with
the Securities Act 2015 and the PSX's statutory rules.
Currently, Samba Bank operates as a listed, foreign-owned commercial bank in Pakistan, offering a variety of services across corporate, SME, and consumer banking. SNB acquired its stake in Samba Bank following a merger with Samba Financial Group in Saudi Arabia.
Source: Arab News