Shareholders of Silkbank Limited (PSX: SILK) have approved the proposed amalgamation of the bank into United Bank Limited (PSX: UBL), subject to regulatory approvals.
The merger will proceed under Section 48 of the Banking Companies Ordinance, 1962, with final authorization required from the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan.
The approved Scheme of Amalgamation allows for modifications as required by the SBP, particularly for rectifications, clarifications, or elaborations.
Silkbank’s President & CEO, Shahram Raza Bakhtiari, along with Chief Financial Officer Khurram Khan and Company Secretary Faiz Ul Hasan Hashmi, have been authorized to take all necessary steps to facilitate the merger.
Their responsibilities include making any required adjustments, submitting the scheme for SBP’s approval, and handling legal documentation.
Finalization remains contingent on meeting all regulatory conditions.
In December 2024, United Bank Limited (UBL) announced the approval of its amalgamation with Silk Bank Limited (SBL) through a share swap arrangement. According to the merger plan, each share of UBL will be exchanged for 325 shares of Silk Bank. This transaction will lead to the issuance of 27,944,188 new ordinary shares of UBL, excluding any rights issues.
