ISLAMABAD: Saudi firm Najd Gateway has offered the Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited, to acquire SNB’s entire shareholding in Samba Bank Pakistan.
Samba Bank disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“The Saudi National Bank (SNB), as the majority shareholder of Samba Bank Limited, has notified that they have received a non-binding offer from Najd Gateway Holding Company relating to the proposed divestment of SNB’s 100% stake in Samba Bank Limited (Samba Pakistan), representing approximately 84.51% shares in Samba Pakistan,” read the notice.
The Saudi National Bank (SNB) has stated that any decision related to the potential sale, including granting access for due diligence, will require both internal and regulatory approvals, as well as the signing of definitive agreements, according to the Business Recorder.
Najd Gateway Holding Company, a Saudi investment firm headed by Chairman Prince Mansour Bin Mohammad Al Saud, has been actively investing in Pakistan, particularly in the agriculture and technology sectors. In October 2024, the company signed a Memorandum of Understanding (MOU) with Pakistan-based Brillanz Group to expand technology solutions in Saudi Arabia and encourage investment in sustainable energy and IT projects in Pakistan.
Back in 2021, Samba Bank had received a formal intention from a consortium that included its management team, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC, to acquire a controlling stake of 84.51% in the bank’s paid-up capital.
