Summit Bank Limited changes name to Bank Makramah Limited (BML)

Summit Bank Limited has changed its name to Bank Makramah Limited (BML)!

The development comes on Tuesday as The State Bank of Pakistan has approved the renaming of Summit Bank Limited to Bank Makarma Limited, months after the bank announced its formal acquisition by a UAE-based investor.

Prominent Emirati investor Nasser Abdullah Hussain Lootah has acquired a majority stake in Summit Bank Limited.

In a notification to PSX, the bank announced its new name Bank Makramah Limited (BML), adding that the name had been approved by the State Bank of Pakistan (SBP).

“In this regard, a consent/NOC has already been received from the State Bank of Pakistan on July 17, 2023,” the notification stated adding that the change would become effective subject to other regulatory and corporate approvals.

“The name change will become effective upon procuring other relevant regulatory approvals arid obtaining the approval of the shareholders of the Bank in Extraordinary General Meeting, through special resolution, and the restatement of the Memorandum [and] Articles of Association of the Bank,” the notification said.

UAE Investor Acquires Majority Shareholding and Management Control of Summit Bank

In a separate press release, the Summit Bank officially notified of the development stating:

Prominent UAE national, investor, and a longstanding friend of Pakistan, H.E. Nasser Abdulla Hussain Lootah (the “Investor”), has acquired a controlling stake in Summit Bank, a move that was recently approved by the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Competition Commission of Pakistan.

The Investor’s vision for the Bank is to transform it into a full-fledged Islamic bank, providing exceptional services, innovative products, and a commitment to the principles of Islamic finance.

To demonstrate his unwavering commitment to the Bank’s success and positive vision for Pakistan (despite the current economic situation), the Investor subscribed to 3.98 billion new shares of the Bank at PKR 2.51 per share, giving him a majority equity stake. In this regard, PKR 10 billion has already been injected into the Bank in January 2023 through an advance payment for the proposed share issuance.

With the Investor’s acquisition and a renewed focus on Islamic finance principles, Summit Bank is well-positioned to become a market leader in the banking industry. The Bank’s leadership and staff are enthusiastic about the future of the Bank and committed to providing ethical and transparent financial services to its clients.