Karachi May 2 2023: The Board of Silk Bank allowed the management of the Bank to formally pursue the potential merger with United Bank Limited, according to bank’s filing to the exchange.
Earlier the United Bank Limited (UBL) has expressed an interest in a potential merger (potential merger) with Silkbank Limited (Bank).
The Board of Directors of the Bank (“Board”) 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 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.
The potential merger remains subject to internal and regulatory approvals and appropriate disclosures, in accordance with the applicable laws, rules, and regulations.
