Karachi October 5 2021: Saudi National Bank’s (“SNB”) made a strategic decision relating to Samba Bank Limited, now Samba Bank have received formal communication from SNB that the Board of Directors of SNB has approved to commence an orderly well managed divestment of Samba Bank Limited and to appoint advisors to assist with the process, which has been done by SNB.
The BoD has decided to advise Samba Bank Limited on engagement with the regulators in Pakistan for the process, as necessary.
The directors directed 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.
Source:
PSX
