MCB Bank Limited (PSX: MCB) is set to conduct due diligence of Silkbank Limited (PSX: SILK), the bank told 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,” the filing stated.

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

This comes after Silkbank on May 2, 2023, first considered a proposal to formally pursue a potential merger with United Bank Limited (PSX: UBL).

Prior to the aforesaid deals, SILK also received a letter of intent from the International Commercial Bank of South Sudan to subscribe to its shares up to the extent of 50 million euros.

Source: Pro Pakistani