The Board of Directors of Silkbank Limited (PSX: SILK), in its meeting held on November 6, 2024, has accorded its in-principle approval for a potential merger of the Bank with and into United Bank Limited (PSX: UBL).
The merger will be in terms of a scheme of arrangement to be sanctioned by the State of Bank of Pakistan under Section 48 of the Banking Companies Ordinance, 1962.
The Board has further authorized the Chief Executive Officer of the Bank to engage advisors and consultants to evaluate the offer made by UBL and to present their findings to the Board for its further consideration.
The Potential Merger remains subject to the finalization of deal terms, transaction documents and obtaining of all requisite corporate and regulatory approvals, consents and authorizations.
“We shall keep our shareholders updated with respect to this Potential Merger by making further announcements as and when the matter progresses,” the filing added.