Summit Bank: Sindh Bank board approves revised swap ratio

The Board of Directors (BoD) of Sindh Bank Limited Friday approved the revised swap ratio for proposed merger of Summit Bank into Sindh Bank. According to bank''s announcement, the Board of Directors of Sindh Bank in their meeting held on August 10, 2018 approved the swap ratio of 1:8.37, i.e., one share of Sindh Bank will be equal to 8.37 shares of Summit Bank.
This swap price will be presented to the shareholders in an extraordinary general meeting and Sindh Cabinet Committee for their respective approvals. After that, both the banks will approach Supreme Court for clearance and then to State Bank of Pakistan for their review and regulatory approvals. It may be mentioned here that the BoD of Summit Bank Limited in its meeting held on August 3, 2018 had already approved revised swap ratio in respect of the proposed amalgamation into Sindh Bank Limited.
Summit Bank board approved and recommended the revision in swap ratio from 4.17 to 8.37 in respect of amalgamation of the Summit Bank with and into Sindh Bank Limited. However, the revised ratio is subject to all applicable regulatory approvals and compliances including the approval of the State Bank of Pakistan (SBP) and the permission of Supreme Court of Pakistan, approval of the stakeholders of the banks in a general meeting of Summit Bank to be held on August 31, 2018.