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SBP allows HBL, Bank Alfalah to conduct Silkbank s due diligence
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BAFL keen to buy Silkbank’s consumer portfolio
Business
April 27, 2021
KARACHI: Bank Alfalah Limited (BAFL) has approached Silkbank Limited, seeking its concurrence to BAFL to apply to the State Bank of Pakistan (SBP) to proceed with the due diligence for the consumer portfolio of Silkbank Limited, a statement said on Monday.
Silkbank had already accorded, in principle, approval to Habib Bank Limited (HBL) to conduct due diligence for the same. Fauji Foundation was also interested in Silkbank, but it backed down, it added.
Silkbank Limited, formerly known as Saudi-Pak Commercial Bank, is a Pakistani commercial bank, which is based in Karachi,. It has a branch network of 123 in 39 cities.
HBL intends to acquire Silkbank as Fauji Foundation backs off
Business
April 9, 2021
KARACHI: Habib Bank Limited (HBL) is exploring a possibility of acquiring Silkbankâs consumer portfolio after Fauji Foundation backed off from the deal.
âWe would like to inform you that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application in this regard,â the Silkbank said in a filing with the bourse on Thursday.
âAccordingly, the board of directors of Silkbank Limited in its meeting held on April 7, 2021 has accorded its in-principle approval for the same.â Silkbank Limited accorded in-principle approval to HBL to conduct due diligence of the consumer portfolio of Silkbank. Financial terms were not disclosed. âThe divestment of Silkbankâs portfolio would help HBL to increase its portfolio size and net interest income,â said an analyst from KASB Securities.
Silkbank agrees to sell majority stake to Fauji Foundation
Business
January 29, 2021
KARACHI: A multi-industry company Fauji Foundation on Thursday got consent of Silkbank Limited to acquire the bankâs majority stake. Financial terms were not disclosed.
The bank allowed Fauji Foundation to conduct due diligence of Silkbank and the company intends to apply to the State Bank of Pakistan for the requisite approval, the bank said in a filing with the Pakistan Stock Exchange.
The bankâs board of directors gave its in-principle approval to allow Fauji Foundation to conduct the require diligence and evaluate the information that will be provided by the Silkbank, according to the notice.
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