Summit Bank's Transformation: Rebranded as Bank Makramah Limited
In a significant development, Summit Bank Limited (SMBL) has undergone a name change and is now officially known as Bank Makramah Limited (BML), according to an announcement made by the bank in a notice to the Pakistan Stock Exchange (PSX) on Monday.
Karobar
The notice stated, "We are pleased to inform you that the name of 'Summit Bank Limited' has been changed to 'Bank Makramah Limited' (abbreviated as 'BML') with effect from November 07, 2023." This change, as specified in the certificate of incorporation issued by the Securities and Exchange Commission of Pakistan (SECP), mandates the company to display both its former and new names for a ninety-day period.
The decision to rename SMBL to Bank Makramah Limited was initially approved by the Board of Directors in July and subsequently received the nod from the State Bank of Pakistan (SBP). Notably, last month, the Federal Cabinet granted approval for this name change, aligning with the voting rights assigned to Nasser Abdullah Hussain Lootah, a prominent UAE investor who acquired a controlling stake in Summit Bank.
Nasser Abdulla Hussain Lootah became a major shareholder in April when he subscribed to 3.98 billion new shares of the bank at Rs2.51 per share, amounting to a substantial subscription of Rs10 billion, thereby securing a majority equity stake. His vision for the bank involves transforming it into a full-fledged Islamic institution, committed to delivering outstanding services, innovative products, and adhering to the principles of Islamic finance, as communicated by SMBL earlier.
