Fauji Foundation will buy a majority stake in Silk Bank

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Fauji Foundation has been given the green signal by Silk Bank Limited to acquire a majority stake in the bank. Financial terms, however, have not been disclosed.

Silk Bank allowed Fauji Foundation to conduct due assiduity of the bank and the company intends to apply to the State Bank of Pakistan for the requisite approval, the bank said in a filing with the Pakistan Stock Exchange on Thursday.

The board of directors of the bank gave in-principle approval for the Fauji Foundation to evaluate information that will be provided by the bank, according to the notice

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