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Silkbank’s board approved its proposed merger with United Bank Limited (UBL) on December 4, 2024, but that was not the completion date. The State Bank of Pakistan (SBP) sanctioned the amalgamation on March 10, 2025, and it took effect at the start of business on March 11, 2025. The announced share-swap ratio was one new UBL ordinary share for every 325 Silkbank ordinary shares.
When did Silkbank merge with UBL?
The transaction moved through several distinct milestones. Board approval began the process; shareholder and regulatory steps followed, and the merger only took effect after SBP sanction.
| Date | Milestone |
|---|---|
| December 2, 2024 | UBL’s board approved the proposed transaction. UBL disclosed a ratio of one new UBL ordinary share for every 325 Silkbank ordinary shares, each with a face value of PKR 10. UBL’s disclosure to the Pakistan Stock Exchange (PSX) |
| December 4, 2024 | Silkbank’s board approved the proposed amalgamation of Silkbank with and into UBL. Its announcement said completion remained subject to definitive agreements, corporate and regulatory formalities, shareholder and regulatory approvals, and SBP sanction. Silkbank’s announcement to PSX |
| December 26, 2024 | Silkbank shareholders had approved the scheme at an extraordinary general meeting (EOGM), according to a February 2025 EOGM notice. The notice also described a reconvened meeting to address requirements under section 48 of the Banking Companies Ordinance, 1962. Silkbank’s EOGM notice |
| March 10, 2025 | SBP sanctioned the scheme. It also set cancellation of Silkbank’s banking license and de-scheduling to take effect at 23:59 that day. Silkbank’s effective-date disclosure, SBP’s license-cancellation notice and SBP’s de-scheduling notice |
| March 11, 2025 | The amalgamation became effective from the start of business, with Silkbank amalgamated into UBL, according to Silkbank’s disclosure to PSX. Effective-date disclosure |
What was the Silkbank-to-UBL share-swap ratio?
The announced ratio was one new UBL ordinary share for every 325 Silkbank ordinary shares. UBL disclosed the ratio when its board approved the transaction in December 2024; Silkbank’s March 2025 effective-date filing restated it. The ratio describes the scheme’s stated exchange mechanics, not the value of either bank’s shares or an individual shareholder’s current account balance.
What happened to Silkbank shareholders?
Silkbank’s March 2025 filing said shareholders registered on the book-closure date would receive UBL shares at the one-for-325 ratio, subject to legal and procedural requirements. The book-closure date was March 20, 2025. That published process does not, by itself, establish whether a particular person is currently entitled to shares or whether they have been credited. Shareholders seeking an account-specific answer should check their broker or the relevant bank and share registrar records.
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What should former Silkbank customers do?
For questions about a former Silkbank account, card or service, use UBL’s official information page for former Silkbank customers and contact the bank through its current support channels. The page is the appropriate source for customer-specific transition guidance; individual account status cannot be inferred from the merger announcement alone.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why board approval was not the completion date
A board decision authorized the proposed transaction but did not itself complete the amalgamation. Silkbank’s December announcement explicitly made completion conditional on further agreements, approvals and SBP sanction. The later SBP order and effective-date filing establish the decisive regulatory and operational milestones: sanction on March 10 and effect from the start of business on March 11, 2025.
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