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

Victims of Amercian Imperialism/Terrorism

All of these leaders assassinated, murdered and killed by the Ugly Satan America USA(A Slave of JEWS). It is time that the World should realise who is the biggest terrorist in the World its America( A Slave of Jews).
Post a Comment
Read more

11 months Old Child killed by an Israeili Tank

A 11 months old child Hoda Shalof killed by an Israeli Tank and thousands of Children & Women are killed by Israeli Forces. This is happen due the the support  of USA. On the other hand UNO is also supporting these Terrorist to kill the innocent Children of Palestine. Muslim World should have to wake up & unite to fight with Jews, and also a appealed to the People of Western Countries that if they are humans then stop the Terrorism of Israel.
1 comment
Read more

German Minister Thomas Schaefer Killed by Mossad and declared as a Suicide Case

Mr. Thomas Schaefer, 54, was found dead near a railway track on Saturday.  He knew the culprits behind the Corona epidemic and that Culprits are the killers. It could be possible Mosaad  killed Thomas Schaefer for the sack of their interest because Mr. Thomas Schaefer was exposing all facts of Corona Epidemic,  Mossad and its allies MI & CIA didn't like and killed him. Main stream media which is under control of Mossad and its allies continuously reported this murdered as Suicide. According to media reports; "The finance minister of Germany's Hesse state Thomas Schaefer committed suicide apparently after becoming “deeply worried” over how to cope with the economic fallout from the coronavirus, state premier Volker Bouffier said on Sunday." Hesse is home to Germany's financial capital Frankfurt, where major lenders like Deutsche Bank and Commerzbank have their headquarters. The European Central Bank is also located in Frankfurt. Germany econo...
Post a Comment
Read more

Beauty of Pakistan

Pakistan is a very beautiful country & loving people are living there.
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

Pakistan warned the United States

Pakistan warned the United States it risks losing an ally if it continued to accuse Islamabad of playing a double game in the war against militancy, escalating the crisis in relations between the two countries. Foreign Minister Hina Rabbani Khar was responding to comments by U.S. Joint Chiefs of Staff Admiral Mike Mullen, who said Pakistan's top spy agency supported attacks on the U.S. Embassy and other targets by the Haqqani network, the most violent and effective faction among Islamic Taliban militants in Afghanistan.   It is the most serious allegation leveled by the United States against nuclear-armed and Muslim-majority Pakistan since they began an alliance in the "war on terrorism" a decade ago.  Pakistan is the first Muslim Country in the world to construct and operate civil nuclear power plants.
Post a Comment
Read more