Union Bank approves share swap ratio

Posted on 09.27.06 by StockPK Team @ 10:27 am    

The board of directors of Union Bank Limited has approved swap ratio of shares in the wake of amalgamation of the bank with Standard Chartered Bank.

The Union Bank has informed the regulators “the board of directors of Union Bank Limited in their meeting held on September 22, 2006 approved the draft scheme (of amalgamation).”

“In terms of the draft scheme, shares of Union Bank will be swapped in the ratio of 2.5:1 that is 2.5 shares of face value of Rs10 each in Standard Chartered Bank (Pakistan) will be issued for each one share of Union Bank having face value of Rs10.”

The Union Bank, in order to get shareholders’ approval, will hold an extraordinary general meeting on October 21.

After approval of the draft scheme by the shareholders of Union Bank, Standard Chartered Bank and Standard Chartered Bank Pakistan, the scheme will be submitted to the State Bank for sanction under the Banking Companies Ordinance, 1962.

Source: The News