Silkbank

Silkbank Limited
FormerlyPrudential Commercial Bank (1994–2001)
Saudi-Pak Commercial Bank (2001–2008)
Company typePublic
PSX: SILK
IndustryBanking
FoundedJune 1994; 30 years ago (1994-06)
FateMerged into United Bank Limited
SuccessorUnited Bank Limited
HeadquartersKarachi-75600, Pakistan
Key people
Shahram Raza Bakhtiari (CEO)
Products
RevenueIncrease Rs. 7.817 billion (US$27 million) (2020)
Decrease Rs. −9.691 billion (US$−34 million) (2020)
Decrease Rs. −6.571 billion (US$−23 million) (2020)
Total assetsIncrease Rs. 267.678 billion (US$930 million) (2020)
Total equityDecrease Rs. 4.869 billion (US$17 million) (2020)
Owner
Websitesilkbank.com.pk
Footnotes / references
Financials as of 31 December 2020 [1]

Silkbank Limited 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]

References

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