A UAE-based investor has secured a controlling interest in Summit Bank, with plans to transform the financial institution into a comprehensive Islamic bank, a statement said recently.
“Prominent UAE national, investor, and a longstanding friend of Pakistan, H.E. Nasser Abdulla Hussain Lootah has acquired a controlling stake in Summit Bank,” it added. The acquisition has been approved by the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Competition Commission of Pakistan.
“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.”
To demonstrate his commitment to the bank’s success and positive vision for Pakistan, the investor subscribed to 3.98 billion new shares of the bank at Rs2.51 per share, giving him a majority equity stake.
“Rs10 billion has already been injected into the bank in January 2023 through an advance payment for the proposed share issuance.” With the investor’s acquisition and renewed focus on Islamic finance principles, Summit Bank is well-positioned to become a market leader in the banking industry.
“The bank’s leadership and staff are enthusiastic about the future of the bank and committed to providing ethical and transparent financial services to its clients.” —Agencies