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.