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Friday May 24, 2024

Bank Alfalah eyes Samba stake

By News Desk
April 10, 2024
This image uploaded on January 4, 2017, shows a branch building of Bank Alfalah Limited. — Facebook/Sundar Interiors & Architects
This image uploaded on January 4, 2017, shows a branch building of Bank Alfalah Limited. — Facebook/Sundar Interiors & Architects

KARACHI: Bank Alfalah Limited announced on Tuesday its plans to acquire up to 84.51 percent of Samba Bank Limited, a stake currently held by Saudi National Bank (SNB), according to a notice sent to the Pakistan Stock Exchange. “We would like to inform that M/s Arif Habib Limited, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51 percent shares of the target company, held by Saudi National Bank, on behalf of the acquirer,” read Bank Alflah’s notice. "The public announcement of intention to acquire voting shares/control of Samba Bank is subject to obtaining the requisite regulatory approvals. This may be withdrawn, if the requisite approvals are not granted by the concerned regulatory authorities."

On March 29, Bank Alfalah made a non-binding indicative offer to SNB for its shares in Samba Bank, which SNB has indicated it is willing to consider.