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Site update: May 10 2021, at 08:00 PKST
Stock update: May 06 2021.

Recent Financial News about SILK (Silk Bank Limited)

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Wednesday, May 05 2021

Leading banks interested in acquiring Silkbank’s consumer accounts portfolio
KARACHI - The quality portfolio built by the experienced team of Silkbank Ltd. is reflected by the interest shown by leading consumer banking players, namely HBL and Bank Alfalah, in acquiring its consumer accounts portfolio. The Silkbank Board of Directors has requested the State Bank of Pakistan to grant permission to both HBL and Bank Alfalah to conduct due diligence of the Silkbank Consumer Accounts portfolio prior to its possible acquisition by either of these banking entities. The potential sale of its portfolio will allow Silkbank to strengthen its Capital Adequacy Ratio (CAR), rebuild profitability and enhance value for all stakeholders. Silkbank’s focus on individual customers is reflected by the fact that the bank, despite difficult circumstances, has retained its market share and is one of the leading personal loans and credit card issuers in the market. Since the outbreak of COVID 19 and the manner in which the country’s economy has been impacted as a result of the pandemic, Silkbank’s investment in technology has helped its customers conduct business from the ease of their homes without risking their safety. The bank is one of the top three banks in terms of credit card repayment volumes via digital channels.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: silk (news stock)

Tuesday, April 27 2021

Bank Alfalah joins race to acquire Silkbank’s consumer portfolio
LAHORE: Silkbank Ltd’s consumer finance portfolio appears to be attracting a lot of interest from other banks these days with Bank Alfalah (BAFL) joining the race for the acquisition of SBL’s personal loans, running finance and credit card business on Monday. Habib Bank Ltd (HBL) is already carrying out due diligence of SBL’s consumer portfolio for almost two weeks now. Two separate bourse filings say BAFL has approached the Silkbank management for its concurrence to apply for permission from the State Bank of Pakistan to start due diligence. The troubled Silkbank has unsuccessfully been trying to raise funds for improving its current Capital Adequacy Ratio (CAR) — also known as capital to risk-weighted assets ratio — of 4.16pc. The SBP, the regulator of the banking sector, requires the commercial banks to maintain CAR at 11pc.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: bafl (news stock) silk (news stock)

Thursday, April 22 2021

Silkbank seeks another extension for accounts finalisation
LAHORE: The troubled Silkbank Ltd (SBL) has requested the State Bank of Pakistan (SBP) to allow it yet another extension until June 30 for finalising and publishing its annual report and audited accounts for 2020. The bank has sought the extension on the grounds that Habib Bank Ltd (HBL) has recently started due diligence of its consumer portfolio in order to explore the possibility of acquiring its credit cards, personal installment loans and running finance business. This was disclosed by the company secretary in response to a letter from the Pakistan Stock Exchange (PSX) about its plans for holding its Annual General Meeting (AGM). Initially, the bank had informed the bourse management to organise its AGM on March 3. However, it was later delayed to April 30 after receiving permission from the central when the Fauji Foundation expressed its interest in acquisition of SBL. The bank board had allowed HBL to begin its due diligence in its meeting on April 7.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: silk (news stock) helpline: +92-42-3631-4186 (10:30am to 5:30pm)