United Bank Limited (UBL) is considering a merger with Silkbank Limited and intends to seek permission from the State Bank of Pakistan (SBP) to commence due diligence, the bank informed the Pakistan Stock Exchange on Friday.
“The potential merger will remain subject to due diligence, internal and regulatory approvals and definitive documents. We will update the Pakistan Stock Exchange if there are any further material developments in this regard,” the stock filing stated.
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UBL maintained its upward trajectory with a profit surging to Rs. 14.4 billion in the three months that ended on March 31st, 2023. The bank reported a big growth of 54 percent Y0Y, up by Rs. 5 billion as compared to the same period last year. The bank proposed its highest-ever interim cash dividend of Rs. 11 per share for the quarter, according to Topline Securities.
The bank ranked 4th out of the top 10 banks operating in Pakistan in 2022.
Bestway (Holdings) Limited, which is a wholly owned subsidiary of Bestway Group Limited, owns the Bank.
Source: Pro Pakistani