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The International Commercial Bank South Sudan (ICB) has expressed its intention to invest up to 50 million euros ($54.5 million) in Pakistan’s Silkbank Limited (SILK).

Silkbank shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“We would like to inform you that M/s. International Commercial Bank (“ICB”) of South Sudan has expressed an interest in subscribing to the shares of Silkbank Limited (hereinafter referred to as the “Bank™) up to the extent of fifty million euros (Potential Investment), subject to all regulatory requirements and financial due diligence,” read the notice.

Silkbank continues its growth momentum

Silkbank shared that its Board of Directors, in a meeting held on April 05, 2023, reviewed and considered the Letter of Intention and accordingly granted its approval to the management of the bank to “formally pursue the Potential Investment”.

“The board has further authorized the management to enter into a discussion with the ICB to finalize the terms and conditions and documentation and to present the same to the board for its consideration and implementation if considered appropriate,” it added.

ICB is a national South Sudanese bank, founded in June 2011 by a group of South Sudanese and international businessmen.

SILK also said that the proposed investment remains subject to the approval of the board, shareholders, Securities and Exchange Commission of Pakistan and State Bank of Pakistan.

Last year, Park View Enclave (Private) Limited (PVEL), owned by businessman and politician Aleem Khan, withdrew its intention to acquire at least 51% shareholding and control of Silkbank Limited.

Comments

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Pakistani1 Apr 06, 2023 07:51pm
Silk Bank must be getting desperate to get investment from International Commercial Bank South Sudan (ICB) . Also ICB has not learnt from the fate of the previous investors in Silk Bank after seeing serious erosion of their investments.
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Aijaz Ali Apr 06, 2023 09:02pm
My dollar bank MN han.
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Alam Apr 10, 2023 09:27am
This bank is bankrupt. This is just a ploy by the management to delay the inevitable. The bank has not published its accounts for two years because it knows that there will be a run on the deposit. The Tareen brothers have misappropriated funds. Loans to unknown lenders have been given to siphon out the money. This Sudanaese bank has only one branch and that too at the airport.
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