LAHORE MIRROR — The Summit Bank Tuesday announced to change its name after being taken over by a UAE-based investor.
The bank informed the Pakistan Stock Exchange (PSX) that the bank’s name had been changed to align it with the bank’s intended Islamic overhaul.
In a notification to PSX, the bank announced its new name is 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 read.
The bank’s notice to PSX further read 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.
A separate press release from the banks stated that the name change followed “the recent acquisition of a controlling stake in Summit Bank by prominent UAE investor, HE Nasser Abdulla Hussain Lootah”.
