Summit Bank renamed as Bank Makramah after acquisition by UAE investor
Business
The financial institution will go through overhaul, introduce Shariah-compliant financial solutions
LAHORE (Web Desk) – The Summit Bank Limited would now be called Bank Makramah Limited (BML). Reason? Because a Dubai-based businessman, Nasser Abdullah Hussain Lootah, acquired the institution earlier this year and renaming is part of the planned overhaul.
Meanwhile, acquisition also makes it clear that all the talk about the UAE investment in Pakistan isn’t just rumours, reflecting a keen interest shown by the Gulf State and its citizens as the country recently signed a memorandum of understanding to develop alternate energy in Pakistan.
Lootah took over the bank – a subsidiary of Suroor Investment Limited which is a Mauritius-based firm with 66.77 per cent of the issued share capital of the company – earlier this year through a majority shareholding acquisition after the regulators – State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and the Competition Commission of Pakistan – approved the move.
He had earlier subscribed to 3.98 billion new shares for Rs2.51 each, giving him a majority equity stake.
According to a notification shared with the Pakistan Stock Exchange on Tuesday, the move to change the name with the central bank’s approval was explained but would become effective subject to other regulatory and corporate approvals.
In a separate statement, it was stated that Lootah’s vision for Bank Makramah was to develop it into a leading Islamic bank, providing exceptional financial services and innovative products in line with Islamic principles.
Renaming signified the bank’s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to the customers, it added.
According to the statement, Bank Makramah was in process of developing a comprehensive plan to transition into a full-fledged Islamic bank, involving a complete overhaul of operations, introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices.
