KARACHI: Silkbank Limited is set to be delisted from the Pakistan Stock Exchange (PSX) on April 7, 2025, following its merger with United Bank Limited (UBL).
The exchange confirmed the delisting after the fulfillment of necessary regulatory requirements, marking the end of Silkbank’s independent presence in the market.
Silkbank, formerly Prudential Bank, has undergone multiple transformations since its inception. Acquired by a consortium led by Arif Habib Group and International Finance Corporation (IFC) in 2008, it was rebranded as Silkbank with the aim of becoming a leading retail and consumer-focused bank. However, financial struggles, including mounting losses and capital adequacy issues, led to a prolonged search for investors.
UBL, one of Pakistan’s largest and most profitable banks, moved to acquire Silkbank’s operations as part of a consolidation strategy in the banking sector. The merger allows UBL to expand its customer base and strengthen its retail banking segment while providing stability to Silkbank’s account holders.
The transaction reflects a broader trend of mergers and acquisitions in Pakistan’s banking industry, driven by regulatory pressures and the need for financial institutions to maintain robust capital positions.
The delisting of Silkbank from PSX signals the completion of the transition, with its operations and assets now fully integrated into UBL.
