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SBP Approves Bank Alfalah’s Due Diligence of Samba Bank

SBP Approves Bank Alfalah’s Due Diligence of Samba Bank

Approval for Due Diligence

The State Bank of Pakistan (SBP) has authorized Bank Alfalah Limited (BAFL) to conduct due diligence on Samba Bank Limited (SBL). This step is part of Bank Alfalah’s plans to potentially acquire a significant stake in Samba Bank.

Official Notice

Samba Bank communicated this development through a notice to the Pakistan Stock Exchange (PSX) on Monday.

The notice emphasized that the due diligence process must comply with all applicable laws, rules, and regulations.

Acquisition Intent

Bank Alfalah announced its intention last month to acquire up to 84.51% of Samba Bank’s shares,

which are currently held by Saudi National Bank (SNB). This move represents a significant potential shift in ownership for Samba Bank.

Background and Response

On March 29, 2024, Bank Alfalah submitted a non-binding indicative offer to SNB,

proposing to acquire its entire 84.51% stake in Samba Bank Pakistan. SNB responded positively, indicating a willingness to consider Bank Alfalah’s acquisition proposal.

This development follows a previous attempt to sell Samba Bank, which faced internal opposition from its employees. As Bank Alfalah steps in with its acquisition bid, it remains to be seen if it will succeed where others have not.

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