April, 27(E. A Report) —United Arab Emirates based Nasser Abdulla Hussain Lootah acquired a controlling stakes of Summit Bank.
State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Competition Commission of Pakistan have approved this banking sector acquisition where investor subscribed to 3.98 billion new shares of the Bank at Rs 2.51 per share, Rs 10 billion has already been injected into the Bank in January 2023 through an advance payment for the proposed share issuance.
Summit Bank is well-positioned to become a market leader in the banking industry with the Investor’s acquisition and a renewed focus on Islamic finance principles.
President of Summit Bank, Jawad Majid Khan, emphasized that the Bank’s revival involves more than just new equity injection and Islamic banking. In addition to the acquisition, Summit Bank shall undergo a complete overhaul of its operations and digitalization in accordance with modern banking practices.
Investor, with the assistance of A.F. Ferguson & Co. (a member firm of PricewaterhouseCoopers) and Haidermota & Co. (Legal Consultants) is in the process of devising a medium and long-term strategic and restructuring plan for Summit Bank.