The name of Summit Bank Limited (SMBL) has been changed to Bank Makramah Limited (BML), the bank announced in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to inform you that the name of ‘Summit Bank Limited’ has been changed to ‘Bank Makramah Limited’ (abbreviated as “BML”) with effect from November 07, 2023,” said the bank in a notice to the bourse.
“This change is subject to the condition that for a period of ninety days from the date of issue of this certificate, the company shall continue to mention its former name along with its new name on the outside of every office or place in which its business is carried on and in every document or notice referred to in section 22 of the Act,” read the certificate of incorporation on change of name issued by the Securities and Exchange Commission of Pakistan (SECP).
Back in July, the bank had said that its Board of Directors had acceded to change the name of SMBL to Bank Makramah Limited, which was followed by the approval of the State Bank of Pakistan (SBP).
Last month, the Federal Cabinet allowed the name change of Summit Bank to Bank Makramah Limited and voting rights corresponding to his shareholding to Nasser Abdullah Hussain Lootah, sources in the Finance Ministry told Business Recorder.
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, SMBL said back then.