Karachi, Pakistan – United Bank Limited (PSX: UBL) has successfully credited new shares to the respective Central Depository Company (CDC) accounts of former Silk Bank Limited (PSX: SBL) shareholders. This follows the sanctioned amalgamation of Silk Bank into UBL, effective from the beginning of business on March 11, 2025.
The merger was approved by the State Bank of Pakistan (SBP) under Section 48 of the Banking Companies Ordinance, 1962. As part of the transaction, UBL has issued 27,944,188 new ordinary shares, each with a face value of Rs. 10, to eligible Silk Bank shareholders.
The allocation was carried out based on a swap ratio of one UBL share for every 325 ordinary shares of SBL. Shareholders registered with Silk Bank by the close of business on March 20, 2025, qualify for the share issuance.
This strategic merger marks a significant milestone for UBL, strengthening its market position and expanding its customer base. The successful completion of the share transfer underscores UBL’s commitment to seamless integration and value creation for its shareholders.
