BAFL 38.50 Decreased By ▼ -0.11 (-0.28%)
BIPL 17.45 Increased By ▲ 0.66 (3.93%)
BOP 4.06 Increased By ▲ 0.11 (2.78%)
CNERGY 3.08 Decreased By ▼ -0.03 (-0.96%)
DFML 16.50 Increased By ▲ 0.25 (1.54%)
DGKC 43.89 Increased By ▲ 0.14 (0.32%)
FABL 22.27 Increased By ▲ 0.12 (0.54%)
FCCL 11.32 Increased By ▲ 0.37 (3.38%)
FFL 6.38 Increased By ▲ 0.08 (1.27%)
GGL 9.47 Decreased By ▼ -0.11 (-1.15%)
HBL 90.51 Decreased By ▼ -1.99 (-2.15%)
HUBC 87.57 Decreased By ▼ -0.13 (-0.15%)
HUMNL 5.48 Decreased By ▼ -0.02 (-0.36%)
KEL 2.00 Increased By ▲ 0.05 (2.56%)
LOTCHEM 28.51 Increased By ▲ 0.25 (0.88%)
MLCF 30.18 Increased By ▲ 0.72 (2.44%)
OGDC 97.81 Increased By ▲ 1.74 (1.81%)
PAEL 9.99 Decreased By ▼ -0.06 (-0.6%)
PIBTL 3.91 Increased By ▲ 0.01 (0.26%)
PIOC 85.36 Increased By ▲ 0.61 (0.72%)
PPL 74.47 Increased By ▲ 1.57 (2.15%)
PRL 15.29 Decreased By ▼ -0.11 (-0.71%)
SILK 0.96 Increased By ▲ 0.02 (2.13%)
SNGP 46.78 Increased By ▲ 0.35 (0.75%)
SSGC 9.35 Increased By ▲ 0.22 (2.41%)
TELE 6.93 Increased By ▲ 0.01 (0.14%)
TPLP 12.35 Increased By ▲ 0.03 (0.24%)
TRG 90.22 Increased By ▲ 1.18 (1.33%)
UNITY 25.38 Decreased By ▼ -0.11 (-0.43%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,656 Increased By 12.1 (0.26%)
BR30 16,663 Increased By 117.9 (0.71%)
KSE100 46,365 Increased By 87.4 (0.19%)
KSE30 16,172 Increased By 20.7 (0.13%)

The Board of Directors (BoD) at MCB Bank has given its go-ahead to the management to conduct due diligence of Silkbank Limited.

MCB Bank shared the development in a filing to the Pakistan Stock Exchange (PSX) on Monday.

“Subject to the approval of the State Bank of Pakistan (SBP), the Board of Directors has accorded its in-principle approval to the Management of the Bank (MCB) to conduct a detailed due diligence of M/s Silkbank Limited, a commercial bank listed on the PSX.

“However, the potential transaction will be pursued subject to favorable outcome of due diligence, internal and regulatory approvals and definitive documents.”

Earlier this month, BoD at Silkbank Limited had given its approval to formally pursue the potential merger with United Bank Limited (UBL).

“The Board of Directors of the bank 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, including but not limited to seeking permission of State Bank of Pakistan (SBP) for allowing due diligence of the bank and to enter into discussions with UBL, to finalise the terms and conditions/documentation for placing before the Board, for its consideration and approval, if considered appropriate,” Silkbank said back then.

UBL in a surprising move expressed its interest to merge with Silkbank Limited.

Back in April, the International Commercial Bank South Sudan (ICB), a national South Sudanese bank, expressed its intention to invest up to 50 million euros ($54.5 million) in Silkbank.

Last year, Park View Enclave (Private) Limited (PVEL), owned by businessman and politician Aleem Khan, withdrew its intention to acquire at least 51% shareholding and control of Silkbank Limited.

Comments

1000 characters
Carl May 29, 2023 06:54pm
When bank officials do no follow rules and regulations and they are under pressure form corrupt politicians and generals ...this happens!
thumb_up Recommended (0) reply Reply

MCB Bank to conduct Silkbank’s due diligence

ECP issues lists of delimited constituencies

Shamshad seeks greater role of provinces towards meeting targets

IRIS system’s capacity enhanced: Up to 0.6m taxpayers to file tax returns on a daily basis

Contracts with IPPs, tariffs and ‘SOFR’: ECC tells PD to analyse impact of change, financial implications

KE tariff hiked up to Rs4.45

NTDC accuses Nepra of unleashing ‘awry’ deductions

Ban on import of smuggled items through ATT imminent

‘Unholy’ pacts with IPPs must be reviewed: Senate panel

APSR for FY23 released: Banks, MFBs process e-banking transactions worth Rs167.4trn

Issuance of right shares: SECP places additional conditions for listed firms