UBL completes acquisition of Silkbank Limited

KARACHI: In a significant development for the banking sector in Pakistan, United Bank Limited (UBL) has announced the successful amalgamation of Silkbank Limited (SBL) into its operations, effective March 11, 2025.

This strategic move has been officially sanctioned by the State Bank of Pakistan (SBP) through a Sanction Order dated March 10, 2025, as per the provisions outlined in Section 48 of the Banking Companies Ordinance 1962 (BCO).

As part of this amalgamation, former SBL customers will continue to enjoy uninterrupted access to their banking services from their existing branches. UBL assures that there will be no immediate changes to their current banking experience.

Once the full integration is achieved, these customers will be able to leverage UBL’s extensive network of branches and ATMs, significantly enhancing their banking experience. They will gain access to a wider array of financial products and services, along with innovative digital banking solutions tailored to meet their diverse needs.

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“This amalgamation marks a pivotal step in UBL’s journey towards being Pakistan’s premier financial institution,” said a spokesperson for UBL. “We are excited about the opportunities this brings and are committed to providing our new customers with exceptional service and a wealth of resources as part of the UBL family.”

With this merger, UBL aims to strengthen its position in the banking sector and offer enhanced value to its customers through improved service delivery and a broadened product spectrum. The bank looks forward to welcoming former SBL customers into its growing network in the near future.