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On September 15, 2001, under
the supervision of the State Bank of Pakistan (SBP), the institution then
known as the Prudential Bank was acquired by the management and associates
of the Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd (SAPICO)
On March 31, 2008, a Consortium comprising of IFC, Bank Muscat, Nomura
International and Sinthos Capital which was led by senior bankers Shaukat
Tarin and Sadeq Sayeed - acquired an 86.55% stake in Saudi Pak Commercial
Bank for around USD 213 million or USD 0.47 per share (PKR 29.3 equivalent
per share).
Saudi Pak was rebranded as
Silkbank Limited on June 1, 2009. Under the new leadership the bank will
continue to focus on SME & Consumer financing resulting in efforts of
increased profitability.
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Silkbank stands for
reliability, its institutional sponsors Nomura, IFC and Bank Muscat provided
with strong financial backing and a framework of good corporate governance,
which will remain guiding principle to cultivate trust and transparency with
its customers, regulators and partners. |
