The Board of Directors of Bank Alfalah Limited has authorised the management of the bank to explore the possibility of acquiring the consumer finance portfolio of Silkbank Limited, comprising credit cards, running finance and personal loans, and to conduct due diligence of the same, subject to the State Bank of Pakistan’s approval. This was communicated to the Pakistan Stock Exchange (PSX) on Monday through a notification. According to the notification, Bank Alfalah in this regard has approached Silkbank to provide its concurrence to enable Bank Alfalah to apply to SBP for its approval to conduct due diligence on the Silkbank Consumer Finance Portfolio. Earlier, Habib Bank Limited (HBL) had requested Silkbank Limited to provide its concurrence to HBL to apply to the State Bank of Pakistan to proceed with the due diligence of the Consumer Portfolio of Silkbank Limited.
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