Saudi firm Najd Gateway seeks majority stake in Samba Bank Pakistan
- Najd Gateway is actively investing in Pakistan’s key sectors
The Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited, has received an offer from Najd Gateway Holding Company to acquire SNB’s entire shareholding in Samba Bank Pakistan, representing approximately 84.51% of the bank’s issued shares.
Samba disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“The Saudi National Bank (SNB), as the majority shareholder of Samba Bank Limited, has notified that they have received a non-binding offer from Najd Gateway Holding Company relating to the proposed divestment of SNB’s 100% stake in Samba Bank Limited (Samba Pakistan), representing approximately 84.51% shares in Samba Pakistan,” read the notice.
However, SNB has clarified that any decision relating to the potential transaction or process relating thereto, including access to information for purposes of diligence, shall be subject to internal and regulatory approvals and execution of definitive agreements.
Najd Gateway Holding Company is a Saudi investment group, led by Chairman Prince Mansour Bin Mohammad Al Saud, actively investing in Pakistan’s key sectors, particularly agriculture and technology.
In October 2024, Najd Gateway inked a Memorandum of Understanding (MOU) with Brillanz Group, a Pakistani-based technology group, to expand technology solutions in Saudi Arabia and drive investment in sustainable energy and IT in Pakistan.
Last year in November, Bank Alfalah Limited (BAFL), one of Pakistan’s largest commercial banks, withdrew its public announcement of intention (PAI) to acquire a majority stake in Samba Bank Limited.
The development came after SNB decided to terminate plans to divest its stake in Samba Pakistan.
Back in 2021, Samba Bank had received firm intention from a consortium comprising participating members of the management of Samba Bank Limited, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC to acquire control of 84.51% of the paid-up capital of the bank.
However, that deal did not pan out.
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