Silkbank Explained

Silkbank Limited (ur|سِلک بینک) was a Pakistani commercial bank headquartered in Karachi.^[2] It was the smallest bank of Pakistan.^{[3] [4]}

History

Silkbank was founded in 1994 as Prudential Commercial Bank.^[5] It began commercial operations on May 7, 1995.^[5] It was subsequently listed on the Karachi Stock Exchange.^[6]

In September 2001, Saudi Pak Industrial and Agricultural Investment Company acquired Prudential Commercial Bank and renamed it as Saudi Pak Commercial Bank.^{[7] [5]}

In March 2008, a consortium comprising International Finance Corporation, Bank of Muscat, Nomura and Sinthos Capital led by Pakistani banker Shaukat Tarin acquired a majority stake in Saudi Pak bank for $213 million.^{[8] [9]} In June 2008, the bank changed its name to Silk Bank Limited.^[8]

In 2015, Arif Habib acquired 28.23 percent stake in the bank.^[10]

Notes and References

1. Web site: Silkbank Annual Report 2020. 14 September 2024.
2. Web site: Silkbank goes on sale. Dilawar. Hussain. February 1, 2021. DAWN.COM.
3. Web site: HBL vs Bank Alfalah: the race to buy Silkbank's consumer lending business. Meiryum. Ali. May 23, 2021. Profit by Pakistan Today.
4. Web site: Silkbank, UBL in talks for potential merger. Mariam Umar. Farooq. May 2, 2023. Profit by Pakistan Today.
5. Web site: 2002-07-09. Saudi Pak Commercial Bank. 2020-09-12. DAWN.COM. en.
6. Web site: History of Silkbank.
7. Web site: Status of the Company. 2020-06-05. www.silkbank.com.pk.
8. Web site: Silk Bank Limited – Business Recorder.
9. Web site: MEED | Omani bankers.
10. News: Arif Habib Corp acquires 28% stake in Silkbank. 9 December 2015. 2 April 2017. The Express Tribune.