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The merger between Silkbank Limited and United Bank Limited (UBL) has been legally accepted by the shareholders of both banks under the Scheme of Amalgamation. The merger is now pending regulatory clearances from the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan (CCP).
The permission was given during Tuesday’s Extraordinary General Meeting (EGM) in Islamabad.
The Scheme of Amalgamation was approved under Section 48 of the Banking Companies Ordinance, 1962, according to an official announcement given to the Pakistan Stock Exchange (PSX). After making any required adjustments in accordance with SBP’s standards, the resolution permits Silkbank to merge into UBL.
All procedural parts of the transaction will be managed by Silkbank’s leadership, which includes CEO Shahram Raza Bakhtiari, CFO Khurram Khan, and Company Secretary Faiz Ul Hasan Hashmi. Ensuring compliance with regulatory requirements, filing documentation with SBP, obtaining legal clearances, and designating legal representatives are all part of their tasks.
United Bank Limited and Silk Bank Limited (SBL) announced in December 2024 that they had approved their merger via a share transfer. The merger plan calls for exchanging 325 shares of Silk Bank for every share of UBL. This will lead to the distribution of 27,944,188 more ordinary shares of UBL, not including any rights offerings.
