January 28, 2021 (MLN): Fauji Foundation (FF) has expressed an interest in acquiring the majority stake in Silkbank Limited.

As a part of the process, Silk bank has been requested to allow Fauji Foundation to conduct due diligence of Silkbank and in this regard, FF intends to apply to the State Bank of Pakistan (SBP) for the approval of the same.

In a notification to Exchange, Silkbank notifies that the Boards of Directors of the bank in its meeting held on today, has subject to the approval of SBP, given its in-principle approval to allow Fauji Foundation to conduct the required due diligence and evaluate the information that will be provided by Silkbank in this regard.

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