Summit Bank

Summit Bank (Urdu: سمِٹ بینک‎) is a Pakistani commercial bank, which is a subsidiary of Suroor Investment and is in Karachi, Pakistan.,[1] a Mauritius investment company. It has a network of 193 branches across the country.[2][3]

For the bank based in Summit, New Jersey, see Summit Bancorp.

Summit Bank Limited
FormerlyArif Habib Bank
TypePublic
IndustryBanking
Founded2006 (2006)
HeadquartersKarachi,
Pakistan
Number of locations
193
Key people
Waseem Mehdi (Chairman)
Products
  • bank loans
  • debit cards
  • savings accounts
ParentSuroor Investments Limited
Websitehttps://summitbank.com.pk/

History

In 2007, Arif Habib Securities Limited acquired Pakistan Operations of Rupali Bank Limited,[4] under the Scheme of Amalgamation by the State Bank of Pakistan.

In 2010, Suroor Investments Ltd. acquired 59.41% stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius.[1] Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd.[2]

Suroor Investments Ltd. acquired majority shares of Atlas Bank Ltd. and MyBank Ltd.[5] and these banks were later on came under the umbrella of Summit Bank Ltd.,[6] increasing the network of the bank to over 193 branches in the country.

Majority Shareholding

Dubai-based businessman, Nasser Abdullah Hussain Lootah, has shown intention to acquire majority shareholding (at least 51 percent) of Summit Bank Limited while ensuring that the bank complies with the minimum capital requirements and capital adequacy ratio prescribed by the State Bank of Pakistan.[7][8]

Conversion to Islamic Banking

Summit Bank will to convert from a Commercial Bank to a full fledged Islamic Bank. Currently 48 out of 193 branches are now offering Islamic banking opportunities.[9]

References
  1. "Suroor Investment acquires AHBL". Dawn. 2 July 2009. Retrieved 6 August 2019.
  2. Company Overview of Summit Bank Limited on Bloomberg.com website, Retrieved 14 October 2017
  3. Summit Bank issues 700.6 million shares for Rupees 7 billion, Business Recorder (newspaper), Published 18 February 216, Retrieved 14 October 2017
  4. "Suroor's acquisitions: Three commercial banks and now a microfinance bank". The Express Tribune. 8 February 2011.
  5. "Atlas Bank enters into sale deal with Mauritius firm". Dawn. 24 November 2009. Retrieved 6 August 2019.
  6. "MyBank, Summit Bank: Shareholders approve merger". The Express Tribune. 25 January 2011.
  7. Malik, BR Web Desk | Ahmed (31 March 2020). "Summit Bank Limited: Lootah wants to acquire majority shareholding". Brecorder. Retrieved 11 September 2020.
  8. "Summit Bank's acquisition approved". www.thenews.com.pk. Retrieved 11 September 2020.
  9. "About us | Summit Bank". Retrieved 11 September 2020.


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