Summit Bank ( ur, ) is a Pakistani

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

, which is a subsidiary of Suroor Investment and is in

Karachi Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former ...

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...

., a

Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...

investment company An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under t ...

. It has a network of 193 branches across the country.

History

In 2007, Arif Habib Securities Limited acquired Pakistan Operations of Rupali Bank Limited, under the Scheme of Amalgamation by the

State Bank of Pakistan The State Bank of Pakistan (SBP) ( ur, ) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was Nationalized and ...

. In 2010, Suroor Investments Ltd. acquired a 59.41% stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius. Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd. Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd. and these banks were later on came under the umbrella of Summit Bank Ltd., increasing the network of the bank to over 193 branches in the country.

Majority Shareholding

Dubai-based businessman, Nasser Abdullah Hussain Lootah, has shown intention to acquire majority shareholding (at least 51 percent) of Summit Bank Limited while ensuring that the bank complies with the minimum capital requirements and capital adequacy ratio prescribed by the State Bank of Pakistan.

References

External links

* https://summitbank.com.pk/ Banks of Pakistan Companies based in Karachi Banks established in 2006 Pakistani companies established in 2006 Companies listed on the Pakistan Stock Exchange Pakistani subsidiaries of foreign companies Mergers and acquisitions of Pakistani companies {{Pakistan-company-stub