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KARACHI: Summit Bank Limited announced that a key milestone relating to equity injection from H.E. Nasser Abdulla Hussain Lootah (the Investor), a UAE National and a long standing friend of Pakistan, has been completed. In this regard, the shareholders of the Bank at their Extraordinary General Meeting held on January 16, 2023 passed the requisite resolutions authorizing the equity injection.

The President of the Bank, Jawad Majid Khan, emphasized that the investor’s commitment to the Bank is demonstrated by the fact that, despite the current economic situation of the country, he has already placed the requisite funds i.e. Rs 10 billion with the Bank as advance against proposed issuance of shares.

The completion of the transaction will enable the investor to acquire a majority equity stake and management control of the Bank, subject to regulatory approvals. Going forward, the Investor intends to convert the Bank to a full-fledged Islamic Bank.

Copyright Business Recorder, 2023

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