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The State Bank of Pakistan (SBP) has approved the renaming of Summit Bank Limited (SMBL) to Bank Makarma Limited (BML).

The development was shared by Summit Bank in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“In furtherance to the announcement made earlier by SMBL at PSX through letter no. SMBL/CSD/2023/06-07 dated June 13, 2023, we would like to inform that the Board of Directors (the Board) of the Bank, through a resolution passed by circulation on July 17, 2023 (in accordance with section 179 of the Companies Act, 2017), have acceded to the following whereby:

“The name of the Bank shall be changed from ‘Summit Bank Limited’ to ‘Bank Makramah Limited’ (BML),” read the notice.

SMBL informed that a No Objection Certificate (NOC) / consent has already been received from the State Bank of Pakistan on July 17, 2023 in this regard.

“The name change will become effective upon procuring other relevant regulatory approvals and obtaining the approval of the shareholders of SMBL in an Extraordinary General Meeting, through special resolution, and the restatement of the Memorandum & Articles of Association of the bank incorporating the change of name and further aligning it with the provisions of the Companies Act, 2017 alongside few other matters of special business,” read the notice.

The change in name comes after prominent UAE investor Nasser Abdulla Hussain Lootah, acquired a controlling stake in Summit Bank.

Back in April, Lootah subscribed to 3.98 billion new shares of the bank at Rs2.51 per share, which translates into a subscription amount of Rs10 billion, giving him a majority equity stake.

The investor’s vision for the bank is to transform it into a full-fledged Islamic bank, providing exceptional services, innovative products and a commitment to the principles of Islamic finance, a statement added.

Comments

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Tulukan Mairandi Jul 18, 2023 02:06pm
Not a very encouraging name. Basically a religious name to smokescreen the rot in their accounts.
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Pakistani Jul 18, 2023 04:20pm
The bank amidst crumbling national economy is poised for a turn around. Getting an FDI of Rs. 10 billion is nothing short of astounding. Shows that an organisation can get back on its feet after a long slump. Kudos to the bank's management.
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Pakistani1 Jul 18, 2023 06:32pm
Have the UAE investor actually paid or will it be like PTCL where the company was transferred but payment is still awaited?
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Syed Amjad Ali Sherazi Jul 19, 2023 04:21pm
It is indeed a goog change and I hope the Bank with new name would acquire a prominent place in the banking industry. I congratulate Me. Nasser Abdulla Hussain Lootah for acquiring controlling stacke of the bank. Syed Amjad Ali Sherazi Ex_ A. Vice President Soneri Bank Limited
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Mohammed Shafiq Jul 21, 2023 04:38pm
A true Islamic bank is direky needed. Tge lnvestor endeavour and Efforts in that direction Is highly appreciated.
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