KARACHI: Fauji Foundation, owner of Askari bank wanted to buy Silkbank. In a notice to the PSX, Silkbank states that Fauji Foundation is no longer proceeding with the due diligence of Silkbank. The Board of Directors of Silkbank Limited have approved this on April 7, 2021. Fauji Foundation says no to SilkbankArticle continues after this advertisementPreviously, on January 28, Fauji Foundation expressed interest in acquiring the majority stake of Silkbank. Had this gone through, it would be an indirect merger attempt considering that Fauji Foundation has a controlling stake in Askari Bank.

Source: Pakistan Today April 08, 2021 14:26 UTC