Saudi National Bank (SNB) has terminated the process for the sale of its equity stake in Samba Pakistan.

The development was shared by Samba Bank, a subsidiary of SNB, in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“We have been notified that after completion of due diligence and an exploration for the sale of its shares in Samba Bank Limited (Samba Pakistan), the Saudi National Bank, as the majority shareholder of Samba Pakistan are terminating the process for the sale of SNB’s equity stake in Samba Pakistan,” read the notice.

Earlier in April, Bank Alfalah Limited (BAFL), one of Pakistan’s largest commercial banks, submitted a public announcement of its intention to acquire a majority stake in Samba Bank Limited.

“We would like to inform that M/s Arif Habib Limited, manager to the offer, has submitted the public announcement of intention to acquire up to 84.51% shares of the target company, held by Saudi National Bank, on behalf of the acquirer,” read the notice.

Following BAFL’s submission, the State Bank of Pakistan (SBP) in May granted its approval to BAFL to conduct due diligence of Samba Bank Limited.

Back in 2021, Samba Bank had received firm intention from a consortium comprising participating members of the management of Samba Bank Limited, Fatima Fertilizer Company Limited, and Gulf Islamic Investment LLC to acquire control of 852.040 million voting shares, representing 84.51% of paid-up capital of the bank.

However, that deal did not pan out.