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 is the smallest bank of Pakistan.[2][3]

Silkbank Limited
FormerlySaudi-Pak Commercial Bank
Prudential Commercial Bank Limited
Company typePublic
PSX: SILK
IndustryBanking
Islamic Banking
FoundedJune 1994 (1994-06)
HeadquartersKarachi-75600, Pakistan
Key people
Shahram Raza Bakhtiari (CEO)
Products
Parent
SubsidiariesSPI INSURANCE COMPANY LIMITED
Websitehttps://www.silkbank.com.pk/

History

Silkbank was founded in 1994 as Prudential Commercial Bank.[4] It began commercial operations on May 7, 1995.[4] It was subsequently listed on the Karachi Stock Exchange.[5]

In September 2001, Saudi Pak Industrial and Agricultural Investment Company acquired Prudential Commercial Bank and renamed it as Saudi Pak Commercial Bank.[6][4]

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.[7][8] In June 2008, the bank changed its name to Silk Bank Limited.[7]

In 2015, Arif Habib acquired 28.23 percent stake in the bank.[9]

Branches
  • Karachi
  • Lahore
  • Islamabad/Rawalpindi
  • Peshawar
  • Quetta
  • Multan
  • Faisalabad
  • Sialkot
  • Hyderabad
  • Sukkur
  • Gwadar
  • Muzaffarabad AJK
  • Gilgit

References
  1. Hussain, Dilawar (February 1, 2021). "Silkbank goes on sale". DAWN.COM.
  2. Ali, Meiryum (May 23, 2021). "HBL vs Bank Alfalah: the race to buy Silkbank's consumer lending business". Profit by Pakistan Today.
  3. Farooq, Mariam Umar (May 2, 2023). "Silkbank, UBL in talks for potential merger". Profit by Pakistan Today.
  4. "Saudi Pak Commercial Bank". DAWN.COM. 2002-07-09. Retrieved 2020-09-12.
  5. "History of Silkbank".
  6. "Status of the Company". www.silkbank.com.pk. Retrieved 2020-06-05.
  7. "Silk Bank Limited – Business Recorder".
  8. "MEED | Omani bankers".
  9. "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune. 9 December 2015. Retrieved 2 April 2017.


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