Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (PSX: SBL), has decided not to proceed with the sale of its stake in the bank, as announced to the Pakistan Stock Exchange (PSX) on Tuesday.

The official stock filing stated, “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 (SNB), as the majority shareholder of Samba Pakistan, are terminating the process for the sale of SNB’s equity stake in Samba Pakistan.”

Earlier this year, Bank Alfalah Limited (PSX: BAFL) expressed interest in acquiring 84.51 percent of Samba Bank Limited’s shares held by SNB. In March 2024, BAFL made a non-binding indicative offer to SNB to purchase Samba. By May, the central bank had granted approval for BAFL to begin due diligence on SNB.

However, as of today, the Saudi National Bank has decided to withdraw from the deal, halting the sale process.