KARACHI: United Bank Limited (UBL) on Friday informed its shareholders that it had submitted an offer to Silkbank Limited for an amalgamation.

In a notice sent to the Pakistan Stock Exchange, UBL revealed some details about the proposed amalgamation.

`Further to our disclosure dated April 28, 2023, UBL is pleased to inform that it has submitted an offer to Silkbank Ltd 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),` the notice said.

Under the offer, UBL has proposed to issue one new UBL ordinary share for every 325 Silkbank ordinary shares as consideration for Silkbank`s shareholders.

`The offer and the amalgamation remain subject to the approval of the board of directors (BoD) and shareholders of UBL, execution of definitive transaction documents between UBL and Silkbank, and receipt of all corporate, regulatory and third-party approvals and consents required for the amalgamation,` the notice said.