KARACHI: Pakistan central bank has granted approval to the Saudi National Bank (SNB), the immediate parent company of Samba Bank Pakistan (SBL), to start the sell-off process of SBL and undertake due-diligence, a bank notification said on Tuesday.
SNB in September this year announced that it was considering all its strategic options in relation to its shareholding in Samba Pakistan Limited, including potential mergers, acquisitions, divestment and/or restructuring as part of a strategic review. Subsequently, SNB announced that it had decided to divest SBL.
“The State Bank of Pakistan (SBP) has granted approval to Saudi National Bank (SNB) and its Advisers, team, to undertake Due-diligence of SBL, subject to compliance with applicable laws, rules and regulations,” a notification sent to the Pakistan stock exchange by SBL on Tuesday said.
SBL is a subsidiary of SNB, formally SAMBA Financial Group (SFG), which holds 84.51 percent shares of the bank as of September 30, 2021.
SNB will commence an orderly and well-managed divestment of SBL subject to final board evaluation of the offers received, the bank has informed its shareholders, saying it had appointed advisers to assist the SBL management with the process and as necessary, provide consultancy to the management of the Bank on engagements with regulators in Pakistan.
TSBL, which has a network of 43 branches located in 14 major cities across the country, will be offered for sale to potential buyers after the evaluation of the bank’s assets and liabilities.
SFG, from Saudi Arabia, entered into a legally binding merger agreement with The National Commercial Bank (NCB) of Saudi Arabia in October 2020, according to a financial report of Samba Bank. As per the agreement, SGF was merged into NCB with effect from April 2021 in accordance with the applicable laws of the kingdom and NCB was renamed the Saudi National Bank (SNB) from the effective date of merger.
Consequent to the merger, all assets and liabilities of SFG, including its shareholding in the Bank, stood vested in SNB by operation of law and SFG ceased to exist from the effective date of merger. State Bank of Pakistan had given its in-principle approval for SNB as the sponsor of the bank.
Saudi National Bank gets approval to start Samba Bank Pakistan sell-off process
https://arab.news/bqjky
Saudi National Bank gets approval to start Samba Bank Pakistan sell-off process
- Pakistan’s central bank grants approval to Saudi National Bank to undertake due-diligence of Samba Bank
- SNB, formally SAMBA Financial Group, holds majority 84.51 percent stakes in Samba Bank Pakistan
Deadly explosions in northwest Pakistan kill three, wound over 20
- Unexploded mortar shell in Bajaur home kills one, injures nine including children
- Motorcycle bomb near Bannu police station kills two, wounds 12 civilians
PESHAWAR: At least three people were killed and more than 20 others injured in two separate explosions in Pakistan’s northwestern Khyber Pakhtunkhwa province, officials said on Monday.
Pakistan has witnessed a steady rise in attacks in Khyber Pakhtunkhwa since the Taliban returned to power in Afghanistan in 2021, with most violence targeting police and security forces in former tribal districts along the border.
Islamabad says the Tehreek-e-Taliban Pakistan (TTP) has reorganized across the frontier and operates from safe havens inside Afghanistan, a charge Kabul rejects, insisting it does not allow its territory to be used against other countries.
In the first incident, a senior police officer Anwar Zeb told Arab News a suspected mortar shell exploded in Salarzai, a remote town in Bajaur district, killing one person and injuring nine others.
“Initial reports indicated that children had found an unexploded mortar shell and brought it home, where it later detonated late Sunday evening,” he added.
Riaz Khan, media officer at Bajaur Rescue1122, said those injured in the blast included men, women and children.
“A rescue team was swiftly dispatched to the area to evacuate those dead and injured to the nearest medical facility,” he added.
In a separate incident, a remote-controlled bomb planted in a motorcycle exploded near Miryan Police Station in southern Bannu district, according to Aamir Khan, spokesman to Regional Police Officer.
“The explosive device had been installed in a motorcycle parked near shops in front of the police facility, killing two civilians while 12 others sustained injuries,” he added.
Security forces cordoned off the area immediately after the explosion and launched a search operation.
Investigations into both incidents are ongoing.
