Silkbank
{{Short description|Pakistani bank (1994–2025)}}
{{Infobox company
| name = Silkbank Limited
| logo =
| logo_size = 250px
| former_name = Prudential Commercial Bank (1994–2001)
Saudi-Pak Commercial Bank (2001–2008)
| type = Public
| traded_as = {{karse|SILK}} (1995–2025)
| industry = Banking
| founded = {{start date and age|1994|06}}
| fate = Merged into United Bank Limited (2025)
| successor = United Bank Limited
| defunct = 2025
| hq_location = Karachi-75600, Pakistan
| key_people = Shahram Raza Bakhtiari (CEO)
| products = {{hlist|Loans|Credit Cards|Debit Cards|Savings|Consumer Banking|Business Banking|Islamic Banking}}
| revenue = {{decrease}} {{PKRConvert|8.283|b}}
| revenue_year = 2023
| operating_income = {{decrease}} {{PKRConvert|20.655|b}}
| income_year = 2023
| net_income = {{decrease}} {{PKRConvert|12.786|b}}
| net_income_year = 2023
| assets = {{decrease}} {{PKRConvert|292.070|b}}
| assets_year = 2023
| equity = {{decrease}} {{PKRConvert|26.352|b}}
| equity_year = 2023
| owner = {{ubl|Arif Habib Corporation (28.23%)|Shaukat Tarin (11.55%)|Zulqarnain Nawaz Chattha (7.75%)|International Finance Corporation (7.74%)|Nomura (3.93%)|Bank Muscat (3.48%)}}
| website = {{URL|silkbank.com.pk}}
| footnotes = Financials {{as of|2023|12|31|lc=y}}
}}
Silkbank Limited was a Pakistani commercial bank headquartered in Karachi. Founded in 1994 as Prudential Commercial Bank, it was renamed as Saudi Pak Commercial Bank in 2001 and as Silkbank in 2008. It was the smallest bank in Pakistan.{{Cite web |url=https://profit.pakistantoday.com.pk/2021/05/23/hbl-vs-bank-alfalah-the-race-to-buy-silkbanks-consumer-lending-business/ |title=HBL vs Bank Alfalah: the race to buy Silkbank's consumer lending business |first=Meiryum |last=Illias |date=May 23, 2021 |website=Profit by Pakistan Today}}
In 2024, the State Bank of Pakistan approved Silkbank’s merger with United Bank Limited (UBL). The process was finalized in March 2025, with Silkbank officially integrating into the UBL through a share-swap agreement.{{Cite web |url=https://www.brecorder.com/news/40352341 |title=Silkbank merger with UBL approved |date=March 11, 2025 |website=Business Recorder}}
History
Silkbank was founded in 1994 as Prudential Commercial Bank.{{Cite web|date=2002-07-09|title=Saudi Pak Commercial Bank|url=http://beta.dawn.com/news/46738/saudi-pak-commercial-bank|access-date=2020-09-12|website=DAWN.COM|language=en}} It began commercial operations on May 7, 1995. It was subsequently listed on the Karachi Stock Exchange.{{Cite web|url=https://khistocks.com/market-live/companies-live/detailed-view/SILK.html|title=History of Silkbank}}
In September 2001, Saudi Pak Industrial and Agricultural Investment Company acquired Prudential Commercial Bank and renamed it as Saudi Pak Commercial Bank.{{Cite web|title=Status of the Company|url=https://www.silkbank.com.pk/page/status-of-the-company/|access-date=2020-06-05|website=www.silkbank.com.pk}}
In March 2008, a consortium comprising International Finance Corporation, Bank of Muscat, Nomura, and Sinthos Capital, led by Pakistani banker Shaukat Tarin, acquired a majority stake in Saudi Pak Bank for $213 million.{{Cite web|url=https://fp.brecorder.com/2014/04/201404151173371/|title=Silk Bank Limited – Business Recorder}}{{Cite web|url=https://www.meed.com/omani-bankers/|title=MEED – Omani bankers}} In June 2008, the bank changed its name to Silk Bank Limited.
In 2015, Arif Habib Corporation acquired a 28.23 percent stake in the bank.{{Cite news|url=https://tribune.com.pk/story/1006469/arif-habib-corp-acquires-28-stake-in-silkbank|title=Arif Habib Corp acquires 28% stake in Silkbank|date=9 December 2015|access-date=2 April 2017|work=The Express Tribune}}
In March 2024, Silkbank Limited announced its merger with United Bank Limited (UBL) after both banks reached an agreement. On March 10, 2025, the State Bank of Pakistan (SBP) officially sanctioned the amalgamation of Silkbank with UBL under Section 48 of the Banking Companies Ordinance 1962. The merger became effective on March 11, 2025, fully integrating Silkbank's operations into UBL. As part of the agreement, UBL issued new shares to Silkbank shareholders at a swap ratio of 1 UBL share for every 325 Silkbank shares.{{Cite news |title=UBL absorbs Silk Bank after SBP approval |url=https://www.brecorder.com/news/40352341 |work=Business Recorder |date=March 11, 2025}}
References
{{reflist}}
{{United Bank Limited}}
{{Banking in Pakistan}}
Category:Defunct banks of Pakistan
Category:1995 initial public offerings
Category:2001 mergers and acquisitions
Category:2008 mergers and acquisitions
Category:2025 mergers and acquisitions
Category:Companies formerly listed on the Pakistan Stock Exchange