KARACHI: Silkbank Limited has agreed to allow Fauji foundation to conduct due diligence and evaluate the bank, as the Fauji Foundation intends to acquire Silkbank Limited.

“We would like to inform that Fauji Foundation (FF) have expressed an interest in acquiring the majority stake in Silkbank Limited.

As part of the process, Silkbank has been requested to allow FF to conduct due diligence of Silkbank and in this regard FF intends to apply to the State Bank of Pakistan for the requisite approval of the same,” a notice said.

Silkbank notified the Pakistan Stock Exchange that the Board of Directors of Silkbank Limited in its meeting held on January 28, 2021, has subject to the approval of the State Bank of Pakistan, 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.

Silkbank Limited, formerly known as Saudi-Pak Commercial Bank, is a Pakistani commercial bank which is based in Karachi, Pakistan. It has a branch network of 123 in 39 cities. www.silkbank.com.pk

Owned by armed forces, Fauji Foundation is a Pakistani conglomerates company which is active in financial services, fertilizer, cement, food, power generation, gas exploration, LPG marketing and distribution, financial services, and security services. The company was set up in order to provide employment opportunities to Pakistani ex-military personnel and to generate funds for the welfare of army widows, and families of deceased.         www.fauji.org.pk