Skip to main content

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 chairman is controlling the bank through Suroor Investment Limited, a Mauritius based investment group, which owns 70 percent stakes. However, he offered the investment or equity injection through personal capacity.

Summit Bank has been running in losses since it was founded with the merger of two banks,My Bank and Atlas Bank in 2011.

In 2017, Summit Bank and Sindh Bank entered into an agreement of a merger and amalgamation by way of shares swap. The process was later seen as objectionable and was stopped through an intervention of the Supreme Court of Pakistan. Ultimately, the merger deal could not be sealed on the litigation ground that also resulted in the arrest of its former CEO and President.

The board of directors of Summit Bank had outlined its backup plan earlier which mentions that its major sponsor Suroor Investment Limited would inject funds in the bank which is falling short of paid-up capital (less than Rs. 10 billion) and solvency requirement of the regulator. However, it discovered an offer from its sitting Chairman from a different capacity.

Summit Bank’s losses have surged to over Rs. 1.1 billion with non-performing loans at Rs. 17 billion. It has been operating with nearly 200 branches across the country with an asset value of Rs. 233 billion.

Top Stories:

Comments

Post a Comment

Popular posts from this blog

1st Islamic University of Pakistan

# AlQadir #University is the first university in #pakistan   which is designed as modern form # Madrsa . In # Madaris you got only #Islamic knowledge or degree and unaware from other areas like #business , #commerce , #accounts , #marketing   etc but # AlQadir #University offered all in one                
Post a Comment
Read more

بحریہ ٹاﺅن ملک ریاض کا اہم بیان

 سربراہ بحریہ ٹاﺅن ملک ریاض کا اہم بیان 1 بسم اللہ الرحمن الرحیم   میرے عزیز ہم وطنوں اسلام علیکم :۔ میں آج بہت مجبور ہوکر بحریہ ٹاﺅن کے تمام ملازمین ،مکینوں ،بزنس مینوں اور دیگر تمام شراکت داروں کے ساتھ ساتھ پاکستانی عوام سے مخاطب ہوں اور اپنا موقف اور مقدمہ بھی آپ کے سامنے رکھنا چاہتا ہوں ۔ارباب اختیار کو بھی بتانا چاہتا ہوں کہ گزشتہ دنوں مجھ پر ایک سیاستدان کیخلاف وعدہ معاف گواہ بننے کیلئے حد سے زیادہ دباﺅ ڈالا گیا تاکہ میں بھی ایسا کرکے باقی سب لوگوں کی طرح کلیئر ہوجاﺅں لیکن میں نے اپنے ضمیر کی آواز کو سنتے ہوئے یہ فیصلہ کیا کہ میں سیاست بازی میں کسی کا بھی فریق نہیں بننا چاہتا میں ذاتی طور پر بھی یہ سمجھتا ہوں کہ مجھے کسی بھی قسم کی سیاسی کارروائی میں ملوث نہیں ہونا چاہیے ۔ جو کچھ بحریہ ٹاﺅن ، میرے اور میرے خاندان کے ساتھ اس وقت ہورہا ہے اس پر انتہائی رنجیدہ ہوں کیونکہ یہ صرف مجھ پر اثرانداز نہیں ہوگا بلکہ اس کا اثر ان ہزاروں ملازمین اور کاروباری افراد پر بھی پڑے گا جو اس عظیم الشان منصوبے کے ساتھ منسلک ہیں میں آپ کو بتانا چاہتا ہوں بحریہ ٹاﺅن کے اکاﺅنٹس منجمند کرکے اور
Post a Comment
Read more

Is Corona Virus a Patent Virus?

The Corona virus was created/produced in the UK laboratory, registered in the United States, and then routed to Wuhan's laboratory by Air Canada flight from the Canadian Laboratory. According to research, the use of the Corona Virus as a biological weapon was initiated by the Pirbright Institute in England. Bill  Melinda Gates Foundation provide funds for this project. The Corna Virus was regularly patented by the Johns Hopkins Bloomberg School of Public Health  in the United States. Its patent number was 10,10,701. The patent was terminated as soon as the first case was discovered in the United States in January.  US-based Center for Disease Control and Prevention was conducted a practice in New York on October 18, 2019. The exercise was organized by the Bill & Melinda Gates Foundation, John Hopkins Center for Health Security in partnership with the World Economic Forum. The exercise, which was attended by parliamentarians, business leaders and health professionals, w
Post a Comment
Read more

State Bank of Pakistan has reduced the time of clearing Cheque in the wake of COVID-19

Clearing cheques has always been a headache, will not any more! 1. Simply walk in the paying bank. 2. Present the crossed cheque at the counter. 3. Provide your account details. 4. Get the funds transferred into your account. Clearing time reduced from 48 hours to under 3 minutes. Facilitation regarding Paper-based Clearing Operations in the wake of COVID-19 To combat the potential spread of COVID-19 pandemic by limiting person-to-person interactions and to provide ease of services to the customers, Banks/MFBs are allowed to provide the following services to their customers: Direct Cheque Deposit Facility under which: A crossed cheque may be presented by payee/beneficiary directly into the paying/drawee bank, instead of their bank branches as per the existing practice. In this case, funds may be transferred by the paying/drawee bank either through RTGS customer fund transfer - MT102 or Over the Counter (OTC) IBFT or Ban
Post a Comment
Read more

Ballistic Missile System of Pakistan

Pakistan may seek help from Beijing for high-altitude and anti-ballistic missile (ABM) defenses, defense observers say. “Pakistan is actively looking to purchase a high-altitude missile air defense system,” said defense analyst Haris Khan of the Pakistan Military Consortium. “Reports indicate that the Chinese HQ-9/FD2000 developed by the China Academy of Defence Technology is the front-runner, but I think it is the only candidate, since no other supplier will sell these types of missiles to Pakistan.” But other observers here noted obstacles, including defense budget cuts and a rough patch in relations between the two governments. The HQ-9 reportedly blends technology from Chinese efforts, Russian S-300s and an early version of the U.S. Patriot system obtained from Israel. Chinese sources say it can hit aircraft out to 125 kilometers, air-launched cruise missiles out to 50 kilometers, and ballistic missiles out to 25 kilometers — representing ABM capability equivalent to the Indian A
Post a Comment
Read more