Summit Bank Limited has announced suspension of National Clearing Company of Pakistan Limited (NCCPL) services. This is with reference to National Clearing Company letter reference No NCCPL/CRO/131/18 dated August 02, 2018. National Clearing Company of Pakistan Limited (NCCPL) is an institution of Pakistan's Capital Market providing clearing and settlement services to the Pakistan Stock Exchange Limited on behalf of Brokerage Houses.
In this respect, Summit Bank has informed its valued customer and stakeholders that the purpose of their letter was only for brokerage houses maintaining their shares settlement account with Summit Bank (Bank). And it has no effect on the operations of the Bank related to clearing of routine cheque's/RTGS/Payoders etc. As currently the bank is in the process of proposed merger, hence in any case it does not intend to continue the NCCPL services for the time being. The NCCPL news therefore has no impact on general banking activities of Summit Bank and the Bank will continue to facilitate its customers as usual.-PR
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