VIS updated ratings of Silk Bank

MG News | November 27, 2024 at 10:10 AM GMT+05:00

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November 27, 2024 (MLN): VIS Credit Rating Company Limited (VIS) has revised the rating of Silk Bank Limited (PSX: SILK) to ‘Developing’ following the approval of a potential merger with United Bank Limited (UBL) on November 6, 2024.

Previously, Silk Bank Limited held entity ratings of 'A-/A2' (Single A Minus/A Two), issued on October 12, 2020.

VIS has stated that the ratings will be reviewed after the merger process is completed.

Silk Bank Limited was incorporated in Pakistan on April 04, 1994, as a Public Limited Company under the Companies Act 2017 (Previously Companies Ordinance 1984).

The bank is engaged in banking services as described in the Banking Ordinance, 1962.

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