KARACHI: The Borad of Directors (BoD) of Silkbank Limited has accorded, in principle, its approval to Habib Bank Limited’s (HBL’s) request to provide its concurrence to the latter (HBL) to apply to State Bank of Pakistan to proceed with the due diligence of the Consumer Portfolio of Silkbank Limited.

According to the material information sent to Pakistan Stock Exchange on Thursday, HBL has request Silkbank Limited to prove its concurrence to HBL to apply to State Bank of Pakistan to proceed with the due diligence of the Consumer Portfolio of Silkbank Limited comprising credit cards, running finance and personal instalment loans, in order to explore the possibility of HBL’s potential interest in the same.

Silkbank Limited said that M/s Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application in this regard.

“Habib Bank Limited, as part of its strategy and pursuant to an in-principle decision by Silkbank Limited to divest its Consumer Portfolio comprising credit cards, running finance and personal loans, has in-principle 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 in order to explore the possibility of HBL’s potential interest in the same,” HBL in its material information sent to Pakistan Stock Exchange said.

Copyright Business Recorder, 2021