From July 1, 2011, Summit Bank Ltd (formerly Arif Habib Bank Ltd) and Mybank Ltd have officially merged and started operating as a single bank under the name of Summit Bank. The completion of the legal merger means that the two banks can now make accelerated progress in integrating their activities. With effect from the merger date, they are allowed to exchange and share client information and start technical migration of client data.
Summit Bank has now become a significant player as the consecutive mergers earlier with Atlas Bank and now with Mybank have placed the Bank in an important position. Husain Lawai, President and CEO of Summit Bank said: "1st July onwards, the legal merger is a reality with an extended network of 165 branches. It will enhance Summit Bank's growing deposits, corporate lending and mortgage businesses.
Also resulting in a wider range of banking products and services, better asset portfolio with a good risk profile and excellent earning potential, which are all well aligned with our long term business goals." As a result of the legal merger, all the rights and obligations of Mybank will transfer to Summit Bank and all the branches of Mybank will be renamed as branches of Summit Bank.-PR
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