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UBL’s merger with Silk Bank is complete, not pending: the State Bank of Pakistan (SBP) sanctioned the scheme on 10 March 2025, and the amalgamation took effect at the start of business on 11 March. Under the agreed share swap, eligible former Silk Bank shareholders received one new UBL ordinary share for every 325 Silk Bank ordinary shares.
When did Silk Bank merge with UBL?
The merger proceeded in stages. UBL’s board approved the proposed amalgamation on 2 December 2024; Silk Bank’s board approved it on 4 December. Those were proposal approvals, subject to further corporate and regulatory steps—not the completion date. The State Bank of Pakistan sanctioned the scheme on 10 March 2025, and UBL said the amalgamation took effect at the start of business on 11 March 2025. UBL’s 11 March 2025 filing states that “SBL stands amalgamated with and into UBL.”
The transaction was an amalgamation under section 48 of Pakistan’s Banking Companies Ordinance, 1962. SBP separately recorded Silk Bank’s de-scheduling effective at 23:59 on 10 March 2025, in connection with its merger into UBL. SBP’s de-scheduling notice
What was the Silk Bank-to-UBL share-swap ratio?
The exchange ratio was one new UBL ordinary share for every 325 Silk Bank ordinary shares. UBL’s filing states a face value of PKR 10 per share for the shares on each side of the exchange. This is the transaction’s nominal exchange ratio; it does not establish the current market value of either share or the value of any individual holding. UBL’s 25 March 2025 share-issuance filing
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How many UBL shares were issued, and who was eligible?
UBL reported issuing 27,944,188 new ordinary shares to entitled former Silk Bank shareholders registered at the close of business on 20 March 2025, the stated book-closure and record date. The filing reports the aggregate issuance; it does not identify any particular person’s entitlement or present account balance.
What does the merger mean for former Silk Bank customers?
UBL’s customer-information page says, “Silkbank is now UBL,” and says existing services will remain uninterrupted, with changes communicated in advance through official channels. That general statement does not confirm the current status of a particular account, card or service. For account-specific instructions, use UBL’s former Silk Bank information page and its linked account-migration and amalgamation FAQs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the public filings do—and do not—confirm
The filings establish the completion date, legal structure, exchange ratio, record date and total number of UBL shares issued. They do not establish an individual shareholder’s fractional entitlement, fees, tax treatment or current account balance. Shareholders or customers needing a personal determination should consult their own account or shareholder records and contact UBL through its official channels.
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