Tech Desk 
Nov 12, 2024
Saudi National Bank (SNB), the majority shareholder in Samba Bank Limited (SBL) in Pakistan, officially withdrew its plans on Tuesday to sell its stake.
The stake, which stands at 84.51%, was previously up for sale with Bank Alfalah Limited (BAFL) as the main interested buyer.
The decision came after Bank Alfalah Limited (PSX: BAFL) expressed interest in acquiring SNB's 84.51% stake in Samba Bank earlier this year. In March 2024, Bank Alfalah submitted a non-binding indicative offer to SNB, signalling its intent to buy the stake.
Following this offer, the State Bank of Pakistan granted permission to Bank Alfalah in May to conduct due diligence on SNB’s holdings in Samba Bank.
Read more: Is Attock Refinery up for sale?
The halted sale may impact Bank Alfalah’s plans to expand its footprint in Pakistan's banking industry, where acquiring a majority share in Samba Bank would have boosted its position.
Samba Bank, listed on the Pakistan Stock Exchange, remains a key entity in the banking sector and is a focal point for SNB’s investment in Pakistan.
SNB’s decision to retain its stake suggests confidence in the Pakistani banking market or a shift in priorities, though no specific reasons were provided for the change. Both banks are yet to announce if there will be any future developments related to this potential deal.
