HBL to acquire consumer portfolio of SilkBank

HBL to acquire consumer portfolio of SilkBank

KARACHI: Habib Bank Limited (HBL) has shown interest to acquire consumer portfolio of SilkBank Limited, according to a statement issued on Thursday.

An information shared by the SilkBank to the Pakistan Stock Exchange (PSX) revealed that HBL had requested SilkBank Limited to provide its concurrence to HBL to apply to State Bank of Pakistan (SBP) to proceed with the due diligence of the Consumer Portfolio of SilkBank Limited comprising of credit cards, running finance and personal installment loans in order to explore the possibility of HBL’s potential interest in the same.

The Board of Directors of the SilkBank Limited, in its meeting held on April 07, 2021 has accorded in principle approval, for the same.

The SilkBank further informed that M/s. Fauji foundation will not be proceeding with the due diligence process of SilkBank Limited, in pursuance of its application in this regard.

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