Bank Alfalah Limited (PSX: BAFL) has set its sights on a significant acquisition, formally announcing its intention to acquire a majority stake in Samba Bank Limited (Samba). The announcement, made through Arif Habib Limited, the Manager to the Offer, signifies BAFL’s bold move towards expanding its presence in the Pakistani banking sector.
This follows BAFL’s initial non-binding offer to Saudi National Bank (SNB) in March 2024, expressing its interest in acquiring Samba Bank Limited. The proposed acquisition targets approximately 84.51% of Samba’s shares. However, finalization hinges on several factors, including satisfactory due diligence, definitive agreements, internal approvals, regulatory clearances, and adherence to all legal requirements.
The disclosure highlights BAFL’s strategic ambitions and its ongoing efforts to become a major player in the banking landscape. If successful, this acquisition would be a significant milestone for both BAFL and Samba Bank Limited, marking a shift in the country’s banking landscape.
At the time of filing, BAFL’s stock was trading at Rs. 53.36, showing a slight increase. Samba Bank Limited’s scrip, however, experienced a marginal decline.
This development signifies a major move within the Pakistani banking industry, potentially leading to strategic realignments and a transformed market dynamic.