Bank Alfalah Limited, one of the biggest commercial banks in Pakistan, has officially announced its plan to acquire a majority shareholding in Samba Bank Limited.
In a notice submitted to the Pakistan Stock Exchange (PSX) on Monday, BAFL shared this significant development.
The notice stated, “We want to inform that M/s Arif Habib Limited, acting as the offer manager, has filed a public announcement of intention to acquire up to 84.51% of the shares of the target company, which are currently held by Saudi National Bank, on behalf of the acquiring entity. This action aligns with the provisions of the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.”
Bank Alfalah had previously expressed its interest in acquiring a majority stake in Samba Bank Limited last month.
In 2021, Samba Bank had received a firm intention from a consortium, including members of Samba Bank Limited’s management, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC, to acquire control of 852.040 million voting shares, representing 84.51% of the bank’s paid-up capital. However, that deal fell through.
Meanwhile, Bank Alfalah’s latest financial results reveal a consolidated profit after tax of Rs36.09 billion in 2023, marking a remarkable increase of over 96% compared to the previous year’s earnings. The bank reported an earnings per share (EPS) of Rs23.15, a significant rise from Rs10.38 in the corresponding period last year.
Bank Alfalah stands as one of Pakistan’s largest banks, boasting a network of over 1,024 branches spread across more than 200 cities in the country, and it also maintains an international presence in Afghanistan, Bangladesh, Bahrain, and the UAE.
