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Silkbank

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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
RevenueDecrease Rs. −8.283 billion (US$−29 million) (2023)
Decrease Rs. −20.655 billion (US$−72 million) (2023)
Decrease Rs. −12.786 billion (US$−44 million) (2023)
Total assetsDecrease Rs. 292.070 billion (US$1.0 billion) (2023)
Total equityDecrease Rs. −26.352 billion (US$−91 million) (2023)
Owner
Websitesilkbank.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

[edit]

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]

References

[edit]
  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. ^ 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.
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