Bank Al Falah of Pakistan intends to acquire Al Ahli Saudi Arabia’s stake in Samba Pakistan

Bank Al Falah of Pakistan submitted a non-binding offer to the National Bank of Saudi Arabia to acquire its entire stake in Samba Bank of Pakistan.

According to a disclosure to the Pakistan Stock Exchange on Friday, National Bank owns 84.51% of Samba Bank shares listed on the Pakistan Stock Exchange.

Bank Alfalah indicated that the completion of the transaction depends on the completion of the due diligence process and obtaining all applicable regulatory approvals, including compliance with the securities law.

Bank Al Falah stated that it had received confirmation from the National Bank regarding its desire to review the details of the offer, adding that it is currently seeking approval from the Central Bank of Pakistan to begin the due diligence process.

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