The management of Silkbank Limited has been given permission by the Board of Directors (BoD) to formally explore the “potential merger” with United Bank Limited (UBL).
Silkbank shared the development in a filing to the Pakistan Stock Exchange (PSX) on Tuesday.
“We would like to inform you that United Bank Limited (UBL) has expressed an interest in a potential merger with Silkbank Limited,” read a notice.
“The Board of Directors of the bank has reviewed and considered the UBL proposal and granted its approval to the management of the bank to formally pursue the potential merger and take the required steps, including but not limited to seeking permission of State Bank of Pakistan (SBP) for allowing due diligence of the bank and to enter into discussions with UBL, to finalize the terms and conditions/documentation for placing before the Board, for its consideration and approval, if considered appropriate,” it added.
Last week, UBL in a surprising move expressed interest to merge with Silkbank Limited.
