HBL Planning to Acquire Silkbank’s Consumer Banking After Fauji Foundation Withdraws Interest
In this regard, the management of HBL has approached Silkbank for the due diligence of the Consumer Banking Portfolio comprising credit cards, running finance, and personal installment loans. According to a notification issued to the Pakistan Stock Exchange (PSX), HBL is seeking permission from the State Bank of Pakistan (SBP) to allow the bank for the due diligence of the Silkbank’s business unit.
HBL’s management is set to explore the opportunity of acquisition of Silkbank’s Consumer Banking Unit after Fauji Foundation withdrew its interest in the acquisition of shares in Silk bank. Silk bank retains its plan to divest its Consumer Banking Portfolio, and that provides an opportunity to Habib Bank Limited to pursue the process with the permission of the banking regulator