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Bank Al-Falah gets go-ahead to conduct due diligence of Samba Bank

BAFL has announced its intention to acquire up to 84.51% of the shares of SBL, which are currently held by Saudi National Bank.

ISLAMABAD: The State Bank of Pakistan (SBP) has granted approval to Bank Alfalah Limited to conduct due diligence of Samba Bank Limited, provided they comply with all applicable laws, rules, and regulations.

This update was disclosed in a filing by SBL on the Pakistan Stock Exchange (PSX) today.

The development follows SBL’s decision to consider a non-binding offer and invite Bank Alfalah Limited to perform due diligence on Samba Bank Limited.

As a result, BAFL has announced its intention to acquire up to 84.51% of the shares of SBL, which are currently held by Saudi National Bank.

Earlier, the Board of Directors of Bank Al-Falah Limited approved the offer from Bangladesh’s Bank Asia Limited to acquire the operations, assets, and liabilities of the bank.

In a notice issued to the stock market, Bank Al-Falah Limited announced that its Board of Directors gave initial approval to a non-binding indicative offer from Bank Asia Limited, based in Dhaka, Bangladesh, to acquire the operations, assets, and liabilities of the bank.

The completion of this transaction is contingent upon adherence to all relevant laws and regulations, as well as obtaining required regulatory clearances.

Bank Al-Falah intends to seek approval from the State Bank of Pakistan for Bank Asia to initiate due diligence on Bank Al-Falah, Bangladesh.

Meanwhile, the State Bank of Pakistan (SBP) has reported a remarkable surge in workers’ remittances during March 2024, marking a significant uptick in Pakistan’s financial inflows. The influx soared to an impressive $3 billion, indicating a notable increase of 31.3% compared to the previous month and a substantial 16.4% surge year-on-year.

Recent data released by the SBP reveals that the cumulative remittances for the first nine months of FY24 amounted to $21 billion. This figure demonstrates a noteworthy rise of 0.9% compared to the corresponding period of FY23, which recorded remittances at $20.8 billion.

The majority of remittances during March 2024 originated from key countries, with Saudi Arabia leading the pack, contributing $703.1 million, closely followed by the United Arab Emirates with $548.5 million. Significant contributions also came from the United Kingdom and the United States of America, amounting to $461.5 million and $372.5 million, respectively, towards Pakistan’s remittance inflow.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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