This is with reference to the Public Announcement of Intention (PAI) issued by M/s Park View Enclave (Pvt) Ltd for investment of upto PKR 12 billion in Silkbank. In this regard M/s Arif Habib( AHL), Manager to the offer, informed that due to change in business priorities, M/s. Park View Enclave (Pvt ) Ltd will not pursue the said letter of intent further.
The representative of AHL also informed the Silkbank Board that for raising the capital of the Bank, they have identified other potential strong investors who have good prospects of meeting regulatory criteria, and they will update the Board upon receipt of the necessary letter of intent in the coming weeks.
The potential equity injection will help accelerate the future growth of the bank and post capitalization, the Bank will be able to fully comply with regulatory capital requirements.
It is pertinent to mention that the bank’s flagship Consumer Business continue to be amongst the top performing businesses in the industry.
As a testament of the customer confidence reposed in the Bank, the growth was led by its Credit Cards and Personal Loan products registering a growth of 41% profit before taxes from Rs. 1.57 billion in 2019 to Rs. 2.23 billion in 2020.