The State Bank of Pakistan has granted approval to Bank Alfalah Limited (PSX: BAFL) to commence due diligence of Samba Bank Limited, the bank informed the main bourse on Monday.

‘We are pleased to inform you that the State Bank of Pakistan has granted its approval to BAFL to commence due diligence of the Target Company,’ the stock filing stated.

BAFL publicly announced on 9 April 2024 that it was interested in acquiring 84.51 percent shares of Samba Bank Limited held by Saudi National Bank.

Earlier in March 2024, BAFL first made a Non-Binding indicative offer to SNB to buy Samba.

At the time of filing, BAFL’s scrip at the bourse was Rs. 61.97, down by Rs. 0.46 or 0.74 percent and SBL’s scrip was Rs. 11.25, up by Rs. 0.85 or 8.17 percent.

Source: Pro Pakistani