Islamabad, Dec 3: The Board of Directors of United Bank Limited (UBL), in its 252nd meeting on Monday, approved the amalgamation of Silk Bank Limited (SBL) into UBL.
The merger will proceed under a share swap arrangement aligned with Section 48 of the Banking Companies Ordinance, 1962.
Key Highlights
- Share Swap Ratio: UBL will issue 1 new ordinary share (PKR 10 face value) for every 325 SBL shares (PKR 10 face value).
- Shares Issued: A total of 27,944,188 UBL shares will be issued, excluding any rights issue.
- Approvals Required: The amalgamation is contingent on definitive agreements, corporate and regulatory approvals (including shareholders and the Competition Commission of Pakistan), and the State Bank of Pakistan’s sanction under Section 48.
The board has also approved the Scheme of Amalgamation and related documentation to facilitate the merger. This strategic move underscores UBL’s commitment to expanding its market presence.
