Silkbank was founded in 1994 as Prudential Commercial Bank. It began commercial operations on May 7, 1995. In September 2001, Saudi Pak Industrial and Agricultural Investment Company acquired Prudential Commercial Bank and renamed it as Saudi Pak Commercial Bank. In June 2008, the bank changed its name to Silk Bank Limited. In March 2024, Silkbank Limited announced its merger with United Bank Limited (UBL) after both banks reached an agreement. On March 10, 2025, the
State Bank of Pakistan (SBP) officially sanctioned the amalgamation of Silkbank with UBL under Section 48 of the Banking Companies Ordinance 1962. The merger became effective on March 11, 2025, fully integrating Silkbank's operations into UBL. As part of the agreement, UBL issued new shares to Silkbank shareholders at a swap ratio of 1 UBL share for every 325 Silkbank shares. ==References==