Shareholders of Silkbank Limited have formally approved the merger of the bank with United Bank Limited (UBL) under the Scheme of Amalgamation, subject to regulatory approvals from the State Bank of Pakistan (SBP) and the Competition Commission of Pakistan (CCP).
The approval was granted during an Extraordinary General Meeting (EGM) held on Tuesday, in Islamabad.Â
According to an official statement issued to the Pakistan Stock Exchange (PSX), the Scheme of Amalgamation was sanctioned under Section 48 of the Banking Companies Ordinance, 1962. The resolution allows Silkbank to merge into UBL, with any necessary modifications to be made as per SBP requirements.
Silkbank’s leadership, including CEO Shahram Raza Bakhtiari, CFO Khurram Khan, and Company Secretary Faiz Ul Hasan Hashmi, has been authorized to manage all procedural aspects of the merger. Their responsibilities include securing legal approvals, appointing legal representatives, filing documentation with SBP, and ensuring compliance with regulatory directives.
In December 2024, United Bank Limited announced the approval of its amalgamation with Silk Bank Limited (SBL) through a share swap arrangement. Under the merger plan, each share of UBL, will be exchanged for 325 shares of Silk Bank. This will result in the issuance of 27,944,188 new ordinary shares of UBL, excluding any rights issues.
