SilkBank seeks time from SBP to assess the value of additional collateral obtained

MG News | October 31, 2019 at 11:02 AM GMT+05:00

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October 31, 2019 (MLN): The State Bank of Pakistan (SBP) in its latest inspection of the Silk Bank, identified a shortfall in collateral against certain financial granted by the Bank.

In compliance with the SBP requirements, the Bank has obtained additional collateral, equivalent to identified shortfall, detail of which have been provided to SBP.

SBP has required the Bank to assess the value of the additional collateral obtained.

In order to fulfill the valuation requirement, SBP has further given the option to delay the quarterly financial statements, as of September 30, 2019, of the Bank, till the conclusion of the said valuation process so that the financial statements reflect the full impact of additional collateral obtained.

The Bank has therefore sought time from SBP, till December 15, 2019, for the conclusion of the evaluation process and publishing of the quarterly financial statements, as of September 30, 2019, of the Bank.

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