Karachi: United Bank Limited (UBL) has completed the necessary procedures in compliance with the Central Depository Company of Pakistan Limited (CDC) for its planned merger, according to an Agreed-Upon Procedures Report (AUP Report) released on March 24, 2025. The report, prepared by UBL's statutory auditor, details the steps taken to ensure compliance with the merger requirements set by the CDC.

The procedures were carried out to assist in determining compliance with the requirements for submitting an Auditor's Certificate on the Allotment Confirmation Letter for the issuance of shares. The report specifies that the procedures have been agreed upon by UBL and the CDC, collectively referred to as the Acknowledging Parties. The report is intended solely for the information and use of these parties and the Pakistan Stock Exchange.

The AUP Report outlines specific responsibilities for UBL as the Engaging Party and the statutory auditor as the Practitioner. UBL acknowledged the appropriateness of the agreed-upon procedures for the engagement, while the auditor conducted the procedures in accordance with the International Standard on Related Services (ISRS) 4400. It is emphasized that this engagement is not an assurance engagement, and the auditor does not express any opinion or assurance conclusion regarding the findings.

According to information available from the Pakistan Stock Exchange (PSX), the procedures performed included obtaining and inspecting key documents such as the Corporate Action Notice, the Scheme of Amalgamation, the Sanction Order from the State Bank of Pakistan, a certified true copy of the Board resolution approving the amalgamation, and the Allotment Confirmation Letter. These documents confirmed that UBL fulfilled the requirement for the allotment of shares.

Furthermore, the auditor confirmed the revised paid-up capital of UBL by obtaining a letter from the Share Registrar. The revised paid-up capital now stands at 1,252,123,875 ordinary shares of Rs. 10 each, as per the letter dated March 21, 2025. This calculation was verified as mathematically accurate.

The procedures were performed in compliance with ethical requirements and quality management standards, as stipulated by the International Ethics Standards Board for Accountants and the Institute of Chartered Accountants of Pakistan. The auditor maintained independence as required for the financial statement audit context.

The AUP Report marks a significant step in UBL's merger process, ensuring compliance with regulatory requirements as outlined by the CDC and the Pakistan Stock Exchange.