Press Release

VIS Suspends Tier-2 Instrument Ratings of Silk Bank Limited

Karachi, March 19, 2025: As per the announcement on the Pakistan Stock Exchange (PSX), the State Bank of Pakistan (SBP) has approved the amalgamation of Silkbank Limited with and into United Bank Limited (UBL), effective March 11, 2025, whereby all assets and liabilities have been transferred to UBL.

Following this development, VIS Credit Rating Company Limited (VIS) has suspended the instrument rating. The same will be reviewed once all relevant information has been received.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Applicable Rating Criteria:

Financial Institutions
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
Rating the Issue
https://docs.vis.com.pk/docs/Rating-the-Issue-Aug-2023.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright March 19, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.