Leading banks interested in acquiring Silkbank's portfolio
The quality portfolio built by the experienced team of Silkbank Ltd is reflected by the interest shown by leading consumer banking players, namely HBL and Bank Alfalah, in acquiring its consumer accounts portfolio.
The Silkbank Board of Directors has requested the State Bank of Pakistan to grant permission to both HBL and Bank Alfalah to conduct due diligence of the Silkbank Consumer Accounts portfolio prior to its possible acquisition by either of these banking entities.
The potential sale of its portfolio will allow Silkbank to strengthen its Capital Adequacy Ratio (CAR), rebuild profitability and enhance value for all stakeholders. Silkbank's focus on individual customers is reflected by the fact that the Bank, despite difficult circumstances, has retained its market share and is one of the leading personal loans and credit card issuers in the market.
Since the outbreak of Covid 19 and the manner in which the country's economy has been impacted as a result of the pandemic, Silkbank's investment in technology has helped its customers conduct business from the ease of their homes without risking their safety.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded to limit Eid-ul-Fitr holidays to three days to save the national economy from further losses.
In a statement issued here, FPCCI President
Moan Nasser Hyatt Maggo expressed concerns over announcement of another set of SOPs and Public Holidays on account of Eid-Ul-Fitr by NCOC without consulting business, industrial, and trade community of Pakistan.
The FPCCI President has demanded that industries and markets should only be closed for 3 days on account of Eid-Ul-Fitr at max; otherwise, there will be irreversible loss to already struggling businesses and huge shortfall in tax collection will further decelerate the economic activity.
He maintained that ports, customs, and required banking services for them should not even be closed for 3 days during Eid-Ul-Fitr; as exports are as necessary for survival of Pakistan as airports and hospitals.