Press Release

Update on Ratings of Silk Bank Limited

Karachi, November 26, 2024: In continuation of our press release dated October 22, 2024, we note that Silk Bank Limited (SILK), in its announcement on the Pakistan Stock Exchange (PSX) dated November 06, 2024, has informed that the Bank’s Board of Directors has granted in-principal approval for a potential merger with and into United Bank Limited (UBL).

Following this development, VIS Credit Rating Company Limited (VIS) has revised the Rating Watch status to ‘Developing.’ The last entity ratings of Silk Bank Limited, 'A-/A2' (Single A Minus/A Two), were issued on October 12, 2020. VIS will review the rating upon outcome of the merger process.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Applicable Rating Criteria:

Financial Institutions
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright November 26, 2024 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.