{"id":1506,"date":"2024-11-01T06:41:01","date_gmt":"2024-11-01T06:41:01","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1506"},"modified":"2025-01-16T16:09:02","modified_gmt":"2025-01-16T16:09:02","slug":"ubl-submits-merger-offer-to-silkbank","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1506","title":{"rendered":"UBL submits Merger Offer to Silkbank"},"content":{"rendered":"\r\n

KARACHI<\/em>: United Bank Limited (UBL)<\/a>, one of Pakistan\u2019s largest commercial banks, has formally submitted an offer to amalgamate Silkbank Limited<\/a>, proposing to merge Silkbank\u2019s operations into UBL. The development was disclosed in a notice sent to the Pakistan Stock Exchange (PSX) on Friday.<\/p>\r\n\r\n\r\n\r\n

In its statement, UBL shared, \u201cFurther 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.\u201d<\/p>\r\n\r\n\r\n\r\n

Under the proposed terms, UBL has offered to issue one new UBL ordinary share for every 325 Silkbank ordinary shares as compensation for Silkbank shareholders. The merger plan will be subject to approvals from UBL\u2019s Board of Directors (BoD), its shareholders, and regulatory bodies, alongside the execution of final transaction documents and other corporate and third-party consents.<\/p>\r\n\r\n\r\n\r\n

In its latest financial report, UBL recorded a robust Profit After Tax (PAT) of Rs49.7 billion for the nine months ending September 30, 2024. Following these strong results, the UBL board has declared an interim cash dividend of Rs11 per share.<\/p>\r\n\r\n\r\n\r\n

UBL first hinted at this merger in April 2023, informing stakeholders of its interest in acquiring Silkbank, pending due diligence and regulatory permissions. Following UBL\u2019s initial exploration, Silkbank\u2019s Board of Directors authorized its management to engage in discussions with UBL to explore the merger formally.<\/p>\r\n\r\n\r\n\r\n

With this move, UBL aims to expand its market footprint and consolidate operations, a decision that could bring notable changes to Pakistan\u2019s banking landscape.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

KARACHI: United Bank Limited (UBL), one of Pakistan’s largest commercial banks, has formally submitted an offer to amalgamate Silkbank Limited, proposing to merge Silkbank’s operations into UBL. The development was disclosed in a notice sent to the Pakistan Stock Exchange (PSX) on Friday. In its statement, UBL shared, “Further to our disclosure dated 28 April […]<\/p>\n","protected":false},"author":1,"featured_media":1507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[402,904,14,903,116],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t