AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has submitted an offer to Silkbank Limited for an amalgamation, aiming to merge Silkbank into UBL.

UBL shared the development with its stakeholders via a notice to the Pakistan Stock Exchange (PSX) on Friday.

“Further to our disclosure dated 28 April 2023, United Bank Limited (UBL) is pleased to inform that it has submitted an offer to Silkbank Limited for the amalgamation of Silkbank with and into UBL pursuant to a scheme of amalgamation to be filed with and sanctioned by the SBP under Section 48 of the Banking Companies Ordinance, 1962 (amalgamation),” read the notice.

Under the offer, UBL has proposed to issue one new UBL ordinary share for every 325 Silkbank ordinary shares as consideration for Silkbank’s shareholders.

UBL’s profit clocks in at massive Rs15.3bn in 2QCY24

“The offer and the amalgamation remain subject to approval of the Board of Directors (BoD) and shareholders of UBL, execution of definitive transaction documents between UBL and Silkbank, and receipt of all corporate, regulatory and third-party approvals and consents required for the amalgamation,” read the notice.

As per UBL’s latest financial results, the bank recorded a consolidated Profit After Tax (PAT) of Rs49.7 billion for the nine months ended September 30, 2024. The UBL board declared an interim cash dividend of Rs11 per share.

Last year in April, UBL informed its stakeholders that “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 back then.

Following this, the BoD at Silkbank Limited gave its go-ahead to the management to formally pursue the ‘potential merger’ with UBL.

Comments

200 characters
Raja Arsal Nov 01, 2024 09:47pm
Job ubl bank
thumb_up Recommended (0) reply Reply
Sadeeq Akber Nov 03, 2024 10:41am
I live in Russia can it possible we transfer the salary from silk bank to UBL Pakistan now?
thumb_up Recommended (0) reply Reply