Silkbank allows MCB to proceed with due diligence for acquisition deal

MG News | June 01, 2023 at 09:37 AM GMT+05:00

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June 01, 2023 (MLN): The Board of Directors of Silkbank Limited (PSX: SILK) has reviewed and considered the MCB Bank Limited (PSX: MCB) request and granted its in-principle approval to the management of the Bank to seek regulatory approval from the State Bank and take the required steps for initiating the due diligence of the Bank.

This is in reference to the MCB’s letter dated May 29, 2023, expressing its interest to initiate the due diligence of SILK.

Notably, earlier in May, the Board of Directors of SILK had considered the United Bank Limited (PSX: UBL) proposal and granted its approval to formally pursue the potential merger with UBL.

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