The Board of Directors (BoD) of Bank Makramah Limited (BML), formerly known as Summit Bank Limited, has appointed Abdulla Nasser Abdulla Hussain Lootah as the chairperson of the board.

The bank shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

“We like to inform that the board has approved the budget of the bank for the financial year ending on December 31, 2024, and further Abdulla Nasser Abdulla Hussain Lootah has been appointed as the chairman of the BoD of the bank in place of Waseem Mehdi Syed with an immediate effect,” read the notice.

Earlier in July, the bank had said that its BoD had acceded to change the name of SMBL to Bank Makramah Limited, which was followed by the approval of the State Bank of Pakistan (SBP).

Last month, following Federal Cabinet’s approval, the name of Summit Bank Limited was changed to Bank Makramah Limited (BML).

“We are pleased to inform you that the name of ‘Summit Bank Limited’ has been changed to ‘Bank Makramah Limited’ (abbreviated as “BML”) with effect from November 07, 2023,” said the bank in a notice to the bourse, back then.

The name change came after prominent UAE investor Nasser Abdulla Hussain Lootah acquired a controlling stake in Summit Bank.

In April, Lootah subscribed to 3.98 billion new shares of the bank at Rs2.51 per share, which translates into a subscription amount of Rs10 billion, giving him a majority equity stake.