KARACHI: Saudi National Bank (SNB) has approved the commencement of an orderly well managed divestment of Samba Bank Limited (SBL) Pakistan.
According to a bourse filing, Samba Bank has received formal communication from SNB that approved a strategic review of its option in respect of SBL.
SNB has advised Samba on engagement with the regulators in Pakistan for the process, as necessary; and 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.
Country’s banking sector is in a phase of consolidation. Parent groups of at least three banks have indicated their Pakistan operations are up for grabs.
Samba’s previous majority owner, Samba Financial Group, merged with National Commercial Bank to become SNB early this year.
According to analysts, Samba Bank operated in Pakistan with a certain view. But that may have changed now because of the change in its parent group.