The due diligence of Silkbank Limited (PSX: SILK) will be performed by MCB Bank Limited (PSX: MCB), the bank informed the Pakistan Stock Exchange (PSX) on Monday.

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The Board of Directors has given the Management of the Bank (MCB) its in-principle consent to perform a comprehensive due diligence on M/s Silkbank Limited, a commercial bank listed on the PSX, subject to the approval of the State Bank of Pakistan (SBP), according to the filing. The proposed acquisition will only be pursued, it continued, “subject to acceptable results of due diligence, internal and regulatory approvals, and definitive documents.”

This follows Silkbank’s first consideration of a proposal to formally seek a prospective merger with United Bank Limited (PSX: UBL) on May 2, 2023.

Prior to the aforementioned transactions, the International Commercial Bank of South Sudan sent SILK a letter of intent to purchase up to 50 million euros’ worth of its shares.