SBP endorses Silk Bank’s merger into UBL
MG News | March 11, 2025 at 09:25 AM GMT+05:00
March 11, 2025 (MLN): The amalgamation of Silk Bank Limited (SBL) with and into United Bank Limited (UBL) has been sanctioned by the State Bank of Pakistan (SBP) through its Sanction Order dated March 10, 2025, under Section 48 of the Banking Companies Ordinance 1962 (BCO).
The amalgamation will take effect from the date jointly notified by UBL and SBL and approved by SBP.
As per the Sanction Order, SBP has approved Tuesday, March 11, 2025, as the Effective Date for the merger.
From the start of business on this date, SBL will be fully merged into UBL.
According to the approved Scheme of Amalgamation, SBL shareholders registered as of the book closure date will receive new UBL ordinary shares, the company's filing on PSX revealed today.
The swap ratio is set at one new UBL share (Rs10 face value) for every 325 SBL shares (Rs10 face value), subject to compliance with legal and procedural requirements.
The book closure date for this process has been fixed as March 20, 2025.
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