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Business & Finance BAFL (Bank Alfalah Limited) 34.70 Increased By ▲ 1.31% HBL (Habib Bank Limited) 88.05 Increased By ▲ 1.79% SILK (Silkbank Limited) 1.15 Increased By ▲ 4.55%

After HBL, Bank Alfalah shows interest in Silkbank's consumer portfolio

  • “In this regard the bank has approach Silk Bank to provide its concurrence to enable the bank to apply to SBP for its approval to conduct due diligence of the Silkbank Consumer Finance Portfolio,” it added.
Published April 26, 2021

After Habib Bank Limited (HBL), Bank Alfalah has shown its intent to acquire the Silkbank’s Consumer Finance Portfolio, it was learned on Monday

“We have to inform you that the Board of Directors of Bank Alfalah Limited in its meeting held on 22nd April 2021 has authorised the management of the bank to explore the possibility of acquiring the Consumer Finance Portfolio of Silk Bank Limited comprising of credit cards, running finance and personal loans and to conduct due diligence of the same, subject to State Bank of Pakistan approval,” said Bank Alfalah in a statement to the bourse.

“In this regard the bank has approach Silk Bank to provide its concurrence to enable the bank to apply to SBP for its approval to conduct due diligence of the Silkbank Consumer Finance Portfolio,” it added.

It is pertinent to mention that days ago, Habib Bank Limited (HBL) has requested Silkbank Limited to provide its concurrence to HBL to apply to State Bank of Pakistan to proceed with the due diligence of the Consumer Portfolio of Silkbank Limited.

The HBL interest follows the collapse of Fauji Foundation’s interest in acquiring the majority stake in Silkbank Limited. Silkbank said the Fauji Foundation was no longer interested in due diligence process.

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