KARACHI: United Bank Ltd (UBL), one of the top five banks in the country, has acquired Silkbank Ltd (SBL), increasing its footprint substantially.
The scheme of amalgamation of SBL with and into UBL has been sanctioned by the State Bank of Pakistan (SBP) through its Sanction Order on March 10, under the provisions of Section 48 of the Banking Companies Ordinance 1962 (BCO), said a press release issued by UBL.
“For now, no changes will be made to the banking services of former SBL customers who will be able to conduct their banking transactions as usual from their respective branches without interruption,” said the UBL.
However, once the full integration is complete, former SBL customers will gain direct access to UBL’s extensive network of branches and ATMs alongside an enhanced portfolio of products and services and advanced digital banking solutions,
it added.
Published in Dawn, March 12th, 2025
