Summit, Atlas Bank's merger completed: bank's operation begins today

The Summit Bank Ltd (formerly Arif Habib Bank Ltd) and Atlas Bank Ltd will officially merge and start operating as a single bank under the name of Summit Bank From January 1, 2011. 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 will be allowed to exchange and share client information and can start technical migration of client data. The proposed management appointments previously announced will also officially take effect at this time.
Hussain Lawai, President & CEO of Summit Bank, issued the following statement: "The 1st January onwards, the legal merger will be a reality. Summit Bank and Atlas Bank will amalgamate to form a single entity. I have great admiration for the tireless efforts that we have seen on a daily basis from colleagues and I am pleased by the trust that clients have continued to place in us. We have managed to turn the two banks into a single business unit in a very short time. We now look forward for the effective data migration of the two Banks, enabling us for smooth operations of the combined entity."
As a result of the legal merger, all the rights and obligations of Atlas Bank will transfer to Summit Bank by operation of law under universal title. Atlas Bank will cease to exist on the merger date. The merger also means that all the branches and subsidiaries of Atlas Bank will be renamed as branches and subsidiaries of Summit Bank.-PR