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
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