Arif Habib likely to put Rs six billion in Silkbank

Arif Habib is likely to put Rs 6 billion in Silkbank Limited, it is reliably learnt. This would amount to re-entry of Arif Habib into banking since previously he had purchased licence of Bangladesh's Rupali Bank. Silkbank has entered into an underwriting arrangement with M/s Arif Habib Limited as part of its capital raising initiative through the recently announced PKR 10 billion Rights Issue. This will provide substantial capital adequacy to Silkbank for it to pursue its long-term growth objectives besides ensuring regulatory compliance.
With the conclusion of this arrangement the aforementioned Rights Issue is expected to be completed in the next 45 days. All relevant regulatory approvals in this regard have already been obtained by the Bank. It appears that the profit from REIT issue of 20% Dolman Mall will be invested into Silkbank.