October 5, 2021 (MLN): The Board of Directors of Saudi National Bank (SNB) has approved the commencement of an orderly well managed divestment of Samba Bank Limited (SBL) Pakistan.
According to the notice, Samba Bank has received formal communication from SNB that approved the following actions to undertake a strategic review of its option in respect of SBL.
- To advise Samba Bank Limited on engagement with the regulators in Pakistan for the process, as necessary;
- To revert to the Board of Directors of SNB, before commencing a process of due diligence based on the receipt of non-binding offers and feedback from the market in the evaluation of this option.
Earlier, on 21 September, SNB, as the immediate parent company of Samba Bank Limited, had notified that it was considering all its strategic options in relation to its shareholding in SBL, including potential mergers, acquisitions, divestment, and/or restructuring.
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