The International Commercial Bank South Sudan (ICB) has expressed its intention to invest up to 50 million euros ($54.5 million) in Pakistan’s Silkbank Limited (SILK).

Silkbank shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“We would like to inform you that M/s. International Commercial Bank (“ICB”) of South Sudan has expressed an interest in subscribing to the shares of Silkbank Limited (hereinafter referred to as the “Bank™) up to the extent of fifty million euros (Potential Investment), subject to all regulatory requirements and financial due diligence,” read the notice.

Silkbank continues its growth momentum

Silkbank shared that its Board of Directors, in a meeting held on April 05, 2023, reviewed and considered the Letter of Intention and accordingly granted its approval to the management of the bank to “formally pursue the Potential Investment”.

“The board has further authorized the management to enter into a discussion with the ICB to finalize the terms and conditions and documentation and to present the same to the board for its consideration and implementation if considered appropriate,” it added.

ICB is a national South Sudanese bank, founded in June 2011 by a group of South Sudanese and international businessmen.

SILK also said that the proposed investment remains subject to the approval of the board, shareholders, Securities and Exchange Commission of Pakistan and State Bank of Pakistan.

Last year, Park View Enclave (Private) Limited (PVEL), owned by businessman and politician Aleem Khan, withdrew its intention to acquire at least 51% shareholding and control of Silkbank Limited.