Silkbank Limited on Thursday announced that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application to acquire the majority stake in the bank.

“We would like to inform you that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application in this regard,” the bank said in a statement to the bourse.

Furthermore, 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. Informed the bank. The Consumer Portfolio comprises of credit cards, running finance and personal installment loans (Consumer Portfolio), “in order to explore the possibility of HBL’s potential interest in the same.”

“Accordingly, the Board of Directors of Silkbank Limited in its meeting held on April 7, 2021 has accorded its in-principle approval for the same.”

It is pertinent to mention that Silkbank Limited in a letter to the bourse dated 28th January informed that Fauji Foundation (FF) has expressed its interest in acquiring the majority stake in Silkbank Limited. As part of the process, Silkbank has been requested to allow FF to conduct due diligence of Silkbank and in this regard FF intends to apply to the State Bank of Pakistan for the requisite approval of the same.