Leading consortium expresses interest for Rs. 12 billion investment in Silkbank.

Silkbank Limited, one of the key players in the market in Consumer Banking category, has received an Expression of Interest from M/s. Pakistan Housing Finance Company (PHFC), a subsidiary of M/s. Lake City Limited for the injection of equity upto PKR 12,000,000,000/- (Pak Rupees Twelve Billion) as ('Proposed Investment') subject to all regulatory requirements and financial due diligence.

PHFC is leading a consortium of like-minded investor group, supported and backed by the well-renowned and experienced management of M/s. Burj Capital, having requisite experience in setting up and successfully managing Islamic and conventional banks in Pakistan.

PHFC has also informed the Bank that in recognition of their standing in the business community and their intent of giving the management role to banking professionals of standing, M/s. Arif Habib Group is also willing to participate in a consortium as a minority stakeholder.

In this regard, the Board of Directors of Silkbank has granted its 'In-principle approval' to formally pursue the Potential...