KARACHI: The Saudi National Bank (SNB), the controlling shareholder of Samba Bank Limited, has confirmed receiving a non-binding offer from Najd Gateway Holding Company for the acquisition of its entire stake in Samba Bank Pakistan.

In a notice to the Pakistan Stock Exchange (PSX) on Friday, Samba Bank said SNB had formally communicated the interest shown by Najd Gateway Holding Company, a Saudi investment group seeking to purchase 84.51% of Samba Bank’s issued shares, representing SNB’s full holding in the Pakistani subsidiary.

Transaction Still Subject to Approvals

SNB clarified that no final decision has been made about selling its stake. The bank said that any progress on the potential deal  including due diligence or sharing financial information will only begin once internal approvals, regulatory permissions, and formal agreements are in place.

Related: Mashreq Bank Introduces Pakistan’s First Profit-Bearing Current Accounts

Najd Gateway Holding Company Expanding Footprint in Pakistan

Najd Gateway Holding Company, led by Chairman Prince Mansour Bin Mohammad Al Saud, has been steadily increasing its investment presence in Pakistan, particularly in agriculture, technology, and sustainable energy.

Just last year, the group signed an MoU with Pakistan’s Brillanz Group to collaborate on technology solutions for the Saudi market and to channel investment into Pakistan’s IT and renewable energy sectors. The latest interest in Samba Bank further reflects the group’s growing appetite for strategic assets inside Pakistan’s economy.

Previous Acquisition Attempts Fell Through

This is not the first time Samba Bank Pakistan has attracted buyers. In November 2023, Bank Alfalah Limited (BAFL) withdrew its plan to buy a majority stake in Samba Bank after SNB decided not to go ahead with the sale.

Before that, in 2021, a consortium that included senior Samba Bank executives, Fatima Fertilizer Company, and Gulf Islamic Investment LLC had also shown strong interest in purchasing the same 84.51% stake. However, that deal also did not progress.

What Happens Next?

The new offer from Najd Gateway has once again put Samba Bank in focus, but experts believe it could take months before the situation becomes clear. Any potential sale would still need several key approvals, including:

• –Securities and Exchange Commission of Pakistan (SECP)
• -Saudi regulatory bodies
• -SNB’s internal review committees

For now, the transaction remains non-binding, indicating interest but no commitment.