Samba Bank Is Not For Sale: Parent Company
Samba Bank’s parent company of Samba, Saudi National Bank (SNB), has decided to revoke its plan to divest its major stakes of 84.451% in Samba Bank as part of its strategic review.
As part of this strategic review, SNB has concluded that it will continue to retain its existing equity stake in Samba Bank Limited, given the Pakistan banking sector outlook, according to the notification issued to PSX.
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This process may have created uncertainty amongst some of our employees and stakeholders. Regardless of the outcome of the strategic review, SNB has and will continue to focus on Samba Bank Limited’s commitment to its customers and employees.
We look forward to the contribution of all employees to continuing the positive momentum of the business and financial performance of Samba Bank Limited, the notification said.
In recent months, one after another three buyers approached the foreign bank including two commercial banks– United Bank Limited, Askari Bank Limited, and a consortium comprising management of Samba Bank Limited, Fatima Fertilizer Company Limited and Gulf Investment LLC.
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State Bank of Pakistan granted approvals to these potential buyers for conducting due diligence of Samba Bank Limited (SBL) in respect of the acquisition of 84.51% shareholding of SBL, currently held by Saudi National Bank.
All these parties have completed their due diligence exercises and have submitted their bids, according to a quarterly report.
The parent company of the Samba Bank has received offers from three potential buyers for acquiring a major shareholding of 84.51 percent in the bank.
Saudi National Bank evaluated these bids and accordingly will finalize and announce the successful bidder for the execution of a Share-Purchase Agreement in due course, the report said.
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Meanwhile, the existing management is working on various new initiatives such as Digital banking, Islamic banking, and Agriculture Finance etc mainly to scale up its operations in the local market.
The bank reported its all-time high profit of Rs. 1 billion in 2020 and its profit stood at Rs.244 million by the end of the first quarter of 2022.
Samba Bank is operating 44 branches in Pakistan with a growing global footprint.
Samba Bank will operate as the entity of Saudi National Bank as its old status will remain the same.
