Samba Bank Limited (KASE:SBL) informed the PSX on April 15, 2024 that the bank has received a firm intention pursuant to a public announcement of intention from Bank Alfalah Limited (KASE:BAFL) through its manager to acquire 852.04 million voting shares, representing 84.51% of the paid-up capital of Samba Bank. This intention was notified to the board of directors of Samba Bank on April 9, 2024, and remains subject to requisite regulatory approvals, diligence, and execution of definitive agreements. Bank Alfalah aims to acquire the majority (controlling) shares of Samba Bank from The Saudi National Bank (SASE:1180).

Saudi National Bank (SNB) reported that it has received a non-binding offer from Bank Alfalah Limited regarding the proposed divestment of SNB's 100% stake in Samba Bank (representing approximately 84.51% of shares in Samba Pakistan). 'SNB has agreed to evaluate the non-binding offer and will, subject to compliance with requirements under applicable law, including execution of a non-disclosure agreement, issuance of a public announcement of intention by Bank Alfalah Limited under the Securities Act, 2015, and approval from the State Bank of Pakistan, invite Bank Alfalah Limited to conduct due diligence on Samba Pakistan.' Any decision relating to the potential transaction shall be subject to internal and regulatory approvals, and execution of definitive agreements, it added.