Divestment of stake in Samba Process terminated due to uncertainty in market: SNB

KARACHI: Saudi National Bank, as the immediate parent company of Samba Bank Limited has notified that, following completion of due diligence and an exploration for the sale of its shares in Samba Bank Limited, SNB are terminating the process for the sale of SNB’s equity stake in Samba Bank Limited.

The process has been terminated due to the considerable uncertainty in current market conditions, material information sent to Pakistan Stock Exchange on Wednesday said.

Samba Bank employees seek SBP’s help

“We, (SNB) write to you with respect to the proposed Strategic Review of the divestment of SNB’s 84.51 percent shareholding in Samba Pakistan Ltd. As part of this strategic review, SNB has concluded that it will continue to retain its existing equity stake in Samba, given the banking sector outlook,” a letter sent by MD and Group CEO SNB to Chairman Samba Bank said.

Copyright Business Recorder, 2022