Bank Makramah Limited Welcomes New Leadership with Board Chair Appointment

In a significant move, the Board of Directors (BoD) of Bank Makramah Limited (BML), previously known as Summit Bank Limited, has announced the appointment of Abdulla Nasser Abdulla Hussain Lootah as the new Chairperson of the board. The official announcement was made through a notice to the Pakistan Stock Exchange (PSX) on Thursday.

According to the notice, the BoD has not only approved the budget for the financial year ending on December 31, 2024, but has also swiftly appointed Abdulla Nasser Abdulla Hussain Lootah as the Chairman of the BoD, replacing Waseem Mehdi Syed with immediate effect.

This change in leadership comes on the heels of the bank's recent transformation. In July, the bank revealed that its BoD had agreed to rebrand Summit Bank Limited as Bank Makramah Limited, a move that received subsequent approval from the State Bank of Pakistan (SBP). The official name change from Summit Bank Limited to Bank Makramah Limited (BML) took effect from November 07, 2023, as confirmed in a notice to the bourse.

The decision to rebrand followed the acquisition of a controlling stake in Summit Bank by prominent UAE investor Nasser Abdulla Hussain Lootah. In April, Lootah made a substantial investment by subscribing to 3.98 billion new shares of the bank at Rs2.51 per share, totaling an impressive Rs10 billion subscription amount. This investment secured him a majority equity stake, paving the way for significant changes in the bank's leadership and nomenclature.

This strategic move is expected to have ripple effects on the bank's operations, with Abdulla Nasser Abdulla Hussain Lootah bringing a wealth of experience and expertise to his new role.