Summit Bank Limited is pleased to announce that a key milestone relating to equity injection from H.E. Nasser Abdulla Hussain Lootah (the Investor), a UAE National and a long standing friend of Pakistan, has been completed. In this regard, the shareholders of the Bank at their Extraordinary General Meeting held on January 16, 2023 passed the requisite resolutions authorizing the equity injection.
The completion of the transaction will enable the Investor to acquire a majority equity stake and management control of the Bank, subject to regulatory approvals. Going forward, the Investor intends to convert the Bank to a full-fledged Islamic Bank.