AIRLINK 197.97 Decreased By ▼ -3.27 (-1.62%)
BOP 10.04 Increased By ▲ 0.07 (0.7%)
CNERGY 7.29 Increased By ▲ 0.40 (5.81%)
FCCL 36.00 Increased By ▲ 0.64 (1.81%)
FFL 16.91 Decreased By ▼ -0.24 (-1.4%)
FLYNG 25.04 Increased By ▲ 0.83 (3.43%)
HUBC 134.03 Decreased By ▼ -4.16 (-3.01%)
HUMNL 14.14 Increased By ▲ 0.07 (0.5%)
KEL 4.78 Decreased By ▼ -0.08 (-1.65%)
KOSM 6.94 Increased By ▲ 0.28 (4.2%)
MLCF 44.98 Decreased By ▼ -1.33 (-2.87%)
OGDC 218.23 Decreased By ▼ -4.31 (-1.94%)
PACE 6.94 Decreased By ▼ -0.12 (-1.7%)
PAEL 41.42 Decreased By ▼ -1.72 (-3.99%)
PIAHCLA 16.86 Decreased By ▼ -0.17 (-1%)
PIBTL 8.46 Decreased By ▼ -0.08 (-0.94%)
POWER 9.39 Increased By ▲ 0.29 (3.19%)
PPL 185.93 Decreased By ▼ -2.83 (-1.5%)
PRL 41.27 Decreased By ▼ -2.00 (-4.62%)
PTC 24.77 Decreased By ▼ -0.58 (-2.29%)
SEARL 104.65 Decreased By ▼ -5.77 (-5.23%)
SILK 1.01 Decreased By ▼ -0.02 (-1.94%)
SSGC 40.91 Decreased By ▼ -1.73 (-4.06%)
SYM 18.05 Decreased By ▼ -0.52 (-2.8%)
TELE 8.91 Decreased By ▼ -0.21 (-2.3%)
TPLP 12.84 Decreased By ▼ -0.84 (-6.14%)
TRG 66.60 Decreased By ▼ -1.56 (-2.29%)
WAVESAPP 11.30 Increased By ▲ 1.03 (10.03%)
WTL 1.78 Decreased By ▼ -0.09 (-4.81%)
YOUW 4.00 Decreased By ▼ -0.01 (-0.25%)
BR100 12,077 Decreased By -142.4 (-1.17%)
BR30 36,524 Decreased By -793.3 (-2.13%)
KSE100 115,042 Decreased By -802.6 (-0.69%)
KSE30 36,200 Decreased By -276.6 (-0.76%)

The Board of Directors (BoD) at Silkbank Limited has given its go-ahead to the management to formally pursue 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.

UBL informed Pakistan Stock Exchange (PSX) on Friday “it is exploring a potential merger with Silkbank Limited and intends to seek permission of the SBP to commence due diligence.”

“The potential merger will remain subject to due diligence, internal and regulatory approvals and definitive documents,” it said.

Silkbank on Tuesday said the potential merger remains subject to internal and regulatory approvals and appropriate disclosures, in accordance with the applicable laws, rules, and regulations.

Earlier, the International Commercial Bank South Sudan (ICB), a national South Sudanese bank, expressed its intention to invest up to 50 million euros ($54.5 million) in Silkbank.

Silkbank shared that its Board of Directors, in a meeting held on April 05, 2023, reviewed and considered the Letter of Intention and accordingly granted its approval to the management of the bank to “formally pursue the Potential Investment”.

Last year, Park View Enclave (Private) Limited (PVEL), owned by businessman and politician Aleem Khan, withdrew its intention to acquire at least 51% shareholding and control of Silkbank Limited.

Comments

Comments are closed.

Sojourn May 04, 2023 04:36am
People cannot run a small bank ...who they can run a country!
thumb_up Recommended (0)
George May 05, 2023 01:43pm
@Sojourn, Indeed a pertinent observation!
thumb_up Recommended (0)