The stock market on Monday was flooded with rumours that the State Bank Of Pakistan had given the green signal to Silk Bank to sell off almost 75% of its shares to Gourmet group.
Speaking to Pakistan Today the management of both Silk Bank and Gourmet Group denied the rumours. They further said that the news was merely false speculation aimed at creating hype in the stock market about Silk Bank stock in order for investors to book intra-day profits.
The State Bank of Pakistan also denied giving any go ahead for such an acquisition, further vindicating both Silk Bank’s and Gourmet Group’s comments on the subject.
In 2015, due to a shortfall in minimum paid-up capital required by State Bank the mid-sized bank was not allowed to open up new branches or launch new products. Silk Bank received an injection of capital when Gourmet Group bought 12.05% of the bank last year. After meeting paid up capital requirements the bank was able to grow their customer base while introducing new products.
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