Summit Bank

Summit Bank (Urdu: سمِٹ بینک) is a Pakistani commercial bank, which is a subsidiary of Suroor Investment and is in Karachi, Pakistan.,[4] a Mauritius investment company. It has a network of 193 branches across the country.

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

Bank Makramah Limited (former Summit Bank Limited)
FormerlyArif Habib Bank
TypePublic
PSX: SMBL
IndustryBanking
Founded2006 (2006)
HeadquartersKarachi,
Pakistan
Number of locations
193
Key people
Jawad Majid Khan (President and CEO)
Products
  • bank loans
  • debit cards
  • savings accounts
RevenueIncrease Rs. 197.0 billion (US$680 million)[1] (2021)
Decrease Rs. 288.6 million (US$1.0 million)[2] (2021)
Total assetsIncrease Rs. 114.042 billion (US$390 million)[3] (2021)
ParentSuroor Investments Limited
Websitehttps://summitbank.com.pk/
Summit Bank in Karachi

History

In 2007, Arif Habib Securities Limited acquired Pakistan Operations of Rupali Bank Limited,[5] under the Scheme of Amalgamation by the State Bank of Pakistan.

In 2010, Suroor Investments Ltd. acquired a 59.41% stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius.[4] Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd.[6]

Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd.[7] and these banks were later on came under the umbrella of Summit Bank Ltd.,[8] 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.[9][10]

References
  1. "SMBL - Stock quote for Summit Bank Limited - Pakistan Stock Exchange (PSX)".
  2. "National Bank profit falls 6pc". 9 March 2022.
  3. "SMBL.PK | Summit Bank LTD. Financial Statements - WSJ".
  4. "Suroor Investment acquires AHBL". Dawn. 2 July 2009. Retrieved 6 August 2019.
  5. "Suroor's acquisitions: Three commercial banks and now a microfinance bank". The Express Tribune. 8 February 2011.
  6. Hussain, Arshad (10 September 2018). "Sindh Bank and Summit Bank are merging. Who is the real buyer?". Profit by Pakistan Today.
  7. "Atlas Bank enters into sale deal with Mauritius firm". Dawn. 24 November 2009. Retrieved 6 August 2019.
  8. "MyBank, Summit Bank: Shareholders approve merger". The Express Tribune. 25 January 2011.
  9. Malik, BR Web Desk | Ahmed (31 March 2020). "Summit Bank Limited: Lootah wants to acquire majority shareholding". Brecorder. Retrieved 11 September 2020.
  10. "Summit Bank's acquisition approved". www.thenews.com.pk. Retrieved 11 September 2020.


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