KARACHI: Saudi National Bank (SNB) has confirmed to the Bank Alfalah that they are willing to entertain non-binding indicative offer to acquire 100 percent stake of SNB in Samba Bank.

Bank Alfalah will now seek approval of the State Bank of Pakistan to commence due diligence on Samba Bank.

Bank Alfalah Limited had made a Non-Binding indicative offer to Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (Samba), to acquire their 100 percent stake in Samba Bank which constitutes approximately 84.51 percent shares in Samba Bank, subject to satisfactory due diligence, execution of definitive agreements, internal corporate approvals, obtaining all necessary regulatory approvals and compliance with all applicable legal and regulatory procedures including compliance with the Securities Act, 2015 and associated regulations.

Copyright Business Recorder, 2024