Business Desk 
Nov 01, 2024
United Bank Limited (UBL), one of Pakistan's biggest commercial banks, has submitted an offer to Silkbank Limited for an amalgamation.
Eyeing to merge Silkbank into UBL, the latter issued a notice to the Pakistan Stock Exchange (PSX) on Friday, informing its stakeholders about the impending acquisition.
UBL offers to merge Silkbank
“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),” stated the UBL notice to PSX.
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UBL as part of the offer, UBL has offered to provide one new UBL ordinary share for every 325 Silkbank ordinary shares as consideration for Silkbank shareholders.
According to UBL's latest financial results, the bank registered a consolidated Profit After Tax (PAT) of Rs49.7 billion for the nine months ending September 30, 2024.
After bringing about a remarkably profitable feat, the UBL board declared an interim cash dividend of Rs11 per share.
UBL last year in April informed its stakeholders of “exploring a potential merger with Silkbank Limited and intends to seek permission of the SBP to commence due diligence,” followed by the Board of Directors at Silkbank Limited approving to proceed with the "potential merger" with UBL.
