Majority shareholder Saudi National Bank (SNB) has backed out of selling its stake in Samba Bank Limited (PSX: SBL), the bank informed the main bourse on Tuesday.
“We have been notified that after completion of due diligence and an exploration for the sale of its shares in Samba Bank Limited (Samba Pakistan), the Saudi National Bank (SNB), as the majority shareholder of Samba Pakistan are terminating the process for the sale of SNB’s equity stake in Samba Pakistan,” the stock filing stated.
Bank Alfalah Limited (PSX: BAFL) in April offered to acquire 84.51 percent shares of Samba Bank Limited held by Saudi National Bank.
Earlier in March 2024, BAFL first made a Non-Binding indicative offer to SNB to buy Samba.
In May, the central bank granted approval to BAFL to commence due diligence of SNB. As of today, the Saudi National Bank has pulled out of the deal.