Silkbank

Last updated
Silkbank Limited
FormerlyPrudential Commercial Bank (1994–2001)
Saudi-Pak Commercial Bank (2001–2008)
Company type Public
PSX:  SILK
Industry Banking
FoundedJune 1994;30 years ago (1994-06)
FateMerged into United Bank Limited
Successor United Bank Limited
Headquarters Karachi-75600, Pakistan
Key people
Shahram Raza Bakhtiari (CEO)
Products
RevenueDecrease2.svgRs. −8.283 billion (US$−29 million) (2023)
Decrease2.svgRs. −20.655 billion (US$−72 million) (2023)
Decrease2.svgRs. −12.786 billion (US$−44 million) (2023)
Total assets Decrease2.svgRs. 292.070 billion (US$1.0 billion) (2023)
Total equity Decrease2.svgRs. −26.352 billion (US$−91 million) (2023)
Owner
Website silkbank.com.pk
Footnotes /references
Financials as of 31 December 2023 [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 Corporation acquired 28.23 percent stake in the bank. [10]

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References

  1. ↑ "Silkbank Annual Report 2023" (PDF). Retrieved 10 January 2025.
  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. 1 2 3 "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. 1 2 "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.
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