April 8, 2021 (MLN): Silk Bank, in an announcement to Exchange, said that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application to acquire the majority stake in the bank.

Furthermore, Habib Bank Limited (HBL) has 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 comprising of credit cards, running finance and personal installment loans (Consumer Portfolio), in order to explore the possibility of HBL's potential interest in the same.

Accordingly, the Board of Directors of Silkbank Limited, in its meeting held on April 07, 2021, has accorded its in-principle approval, for the same.

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