Silkbank

Silkbank Limited, (سِلک بینک لمیٹڈ) formerly known as Saudi-Pak Commercial Bank, is a Pakistani commercial bank which is based in Karachi, Pakistan.[1] It has a branch network of 111 in 29 cities.[2]

Silkbank Limited
FormerlySaudi-Pak Commercial Bank
Prudential Commercial Bank Limited
TypePublic
PSX: SILK
IndustryBanking
Islamic Banking
FoundedJune 1994 (1994-06)
HeadquartersKarachi, Pakistan
Key people
Shahram Raza Bakhtiari (CEO)
Products
Parent
SubsidiariesSPI INSURANCE COMPANY LIMITED
Websitehttps://www.silkbank.com.pk/

History

Prudential Commercial Bank Limited

The bank was founded in 1994.[3] It began commercial operations on May 7, 1995. It has a network of twenty branches.[3]

Saudi-Pak Commercial Bank

Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd (SAPICO) acquired Prudential Commercial Bank Limited on September 15, 2001.[4] The SAPICO gave the bank a new name: Saudi Pak Commercial Bank.[3]

Silkbank Limited

In March 2008, a consortium comprising International Finance Corporation, Bank of Muscat, Nomura and Sinthos Capital led by Pakistani banker Shaukat Tarin acquired a majority stake in Saudi Pak bank for $213 million.[5] In June 2008, the bank changed its name to Silk Bank Limited.[5]

Major Shareholding

In 2015, Arif Habib Group acquired 28.23 percent stake in the bank.[6]

Awards

Silkbank was awarded Best Innovation in ‘Retail Banking Pakistan 2020’ at the International Bankers Awards.[2]

References
  1. Hussain, Dilawar (February 1, 2021). "Silkbank goes on sale". DAWN.COM.
  2. "Silkbank – Best Innovation in Retail Banking Pakistan 2020". Profit by Pakistan Today. 2020-09-10. Retrieved 2020-09-12.
  3. "Saudi Pak Commercial Bank". DAWN.COM. 2002-07-09. Retrieved 2020-09-12.
  4. "Status of the Company". www.silkbank.com.pk. Retrieved 2020-06-05.
  5. "Silk Bank Limited – Business Recorder".
  6. "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune. 9 December 2015. Retrieved 2 April 2017.


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