KARACHI: Silk Bank has requested additional time from the State Bank of Pakistan (SBP) to assess the value of additional collateral obtained after SBP’s latest inspection of the bank.
In a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, Silk Bank said that the SBP has identified a shortfall in collateral against certain financial facilities granted by the bank.
“In compliance with the SBP requirements, the [Silk] Bank has obtained additional collateral, equivalent to identified shortfall, details of which have been provided to SBP,” read the notice to PSX. “SBP has required the Bank to assess the value of the additional collateral obtained.”
Silk Bank has therefore sought time from SBP, till December 15, 2019, for the conclusion of the evaluation process and publishing of the quarterly financial statements, as of September 30, 2019, the notice read.
