The Atlas Group has paid off the German investors in now defunct Atlas Bank. It was reported to the Karachi Stock Exchange (KSE) that 56 million shares of Summit Bank exchanged hands at the rate of Rs 24 per share. At the formation of Atlas Bank, the German Development Bank (DG) had acquired 24 percent shares in the Pakistani institution.
As per agreement between the Sheerazi Group and the German partner upon the merger of Atlas Bank into Arif Habib Bank (now known as Summit Bank), the German group decided to pull out their investment which was guaranteed for purchase by the Pakistani partner. According to sources, DG received under 11 million euros for their investment and the Sheerazi Group now holds small stake in the Summit Bank.