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Showing posts from April, 2020

Summit Bank get another chance to grow

According to the stock filing, Summit Bank Limited informed that it received a letter from the Chairman of the Nasser Abdulla Lootah Group, who is also the Chairman of the Summit Bank. Summit Bank has received a notification of interest from a Dubai-based investor HE Nasser Abdulla Hussain Lootah who has expressed his intention to acquire a controlling stake in the bank through fresh investment. I, Mr. Nasser Abdullah Hussain Lootah, am writing to explore the possibility of acquiring at least a controlling stake in Summit Bank  Limited by subscribing to fresh equity in the bank. It is also envisaged that this  equity injection enable the bank to with the minimum capital  requirement and capital adequacy ratio  requirements as required by the State Bank of Pakistan. In this regard, an exclusivity agreement has been shared with the board of directors for the confirmation that will ultimately give a green signal to the transactions for executing the deal. The Dubai-based investor and chai