Commenting on Samba Expansion Plans Al Eisa: Samba has Officially Acquired 68% of Crescent Commercial Bank Ltd. of Pakistan
Mr. Eisa M. Al-Eisa, Samba Managing Director and CEO, announced that Samba Financial Group has finalized acquisition of 68% of Crescent Commercial Bank Limited in Pakistan (CCBL), through acquiring 600 million shares in CCBL valued PKR 6 billion (USD 100 million). Both banks have finalized all legal procedures and official requirements and secured all relevant approvals and permits during a short period of time thanks to samba's established track record in this area, and the welcoming attitude of the Pakistani Government and people. Accordingly, the CCBL Board of Directors has been re-constituted to properly reflect Samba's 68% ownership in the Bank.
"CCBL was established in 1992 in the Islamic Republic of Pakistan and has a wide and diversified customer base. The bank has 18 full service branches in 5 key cities including Islamabad, Karachi and Lahore, and it enjoys a competent and qualified management team. Due to the prosperous Pakistani economy, several GCC and foreign banks competed to win the acquisition deal of CCBL.
"Samba's plans are base on drawing and implementing long term strategies pivoting around identifying inviting investment opportunities such as acquisition deals, which Samba started 5 years ago when acquired 5% of an Indian Bank, and now acquiring the majority share in CCBL" said Al Eisa.
"Samba Financial Group is considering more expansion proposals in other Middle East counties through either acquisition or opening new branches, from which we aim at boosting the returns of our shareholders" Al Eisa added. Samba is anticipated to open shortly a new branch in Dubai, UAE. This branch will provide high quality products and services with advanced technologies as accustomed by samba.