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KARACHI: Fauji Foundation (FF) has expressed interest in acquiring the majority stake in Silkbank Limited, the bank said in a regulatory filing with the Pakistan Stock Exchange on Thursday.
As part of the process, Silkbank had been requested to allow FF to conduct due diligence of the bank. In this regard, FF intended to apply to the State Bank of Pakistan (SBP) for the requisite approval. Silkbank said that in a meeting on Jan 28, its Board subject to the approval of SBP had given its in-principle approval to allow FF to conduct the required due diligence and evaluate the information that would be provided by the bank.