Saudi Pak bank renamed Silk Bank

KARACHI: Saudi Pak Commercial Bank Limited started working under the new name of Silk Bank Limited from Monday.

Last week, the State Bank of Pakistan issued a notification, authorizing it to provide services in Pakistan under the new name.

Presently, SPCB is owned by a consortium led by Shaukat Tarin who is currently working as an advisor to the Prime Minister on Finance.

The consortium comprises IFC, Bank Muscat, Nomura International and Sinthos Capital.

The share price of SPCB, which accumulated losses of Rs 6.1 billion in 2008, closed at Rs5 on Friday.

On September 15, 2001, under the supervision of the State Bank of Pakistan, the institution then known as Prudential Bank was acquired by the management and associates of the Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd (SAPICO).

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