Silkbank Limited (PSX: SILK) has reviewed and considered the UBL proposal and granted its approval to the management of the Bank to formally pursue the potential merger and take the required steps.

In a stock filing, Silkbank shared the development with PSX that it will formally pursue the merger, including but not limited to seeking permission from the State Bank of Pakistan (SBP) for allowing due diligence of the bank and to enter into discussions with UBL, to finalize the terms and conditions/documentation for placing before the Board, for its consideration and approval, if considered appropriate.

“The potential merger remains subject to internal and regulatory approvals and appropriate disclosures, in accordance with the applicable laws, rules, and regulations,” the Bank stated.

The development comes after last week UBL wrote to the bourse that it was considering a merger with Silkbank Limited.

Source: Pro Pakistani