Formerly | Saudi-Pak Commercial Bank Prudential Commercial Bank Limited |
---|---|
Company type | Public |
PSX: SILK | |
Industry |
Banking Islamic Banking |
Founded | June 1994 |
Headquarters | Karachi-75600, Pakistan |
Key people | Shahram Raza Bakhtiari ( CEO) |
Products |
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Parent |
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Subsidiaries | SPI INSURANCE COMPANY LIMITED |
Website | https://www.silkbank.com.pk/ |
Silkbank Limited, (سِلک بینک لمیٹڈ) formerly known as Saudi-Pak Commercial Bank, is a Pakistani commercial bank which is based in Karachi, Pakistan. [1] It is the smallest bank of Pakistan. [2] [3]
Silkbank was founded in 1994 as Prudential Commercial Bank. [4] It began commercial operations on May 7, 1995. [4] It was subsequently listed on the Karachi Stock Exchange. [5]
In September 2001, Saudi Pak Industrial and Agricultural Investment Company acquired Prudential Commercial Bank and renamed it as Saudi Pak Commercial Bank. [6] [4]
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. [7] [8] In June 2008, the bank changed its name to Silk Bank Limited. [7]
In 2015, Arif Habib acquired 28.23 percent stake in the bank. [9]