As permitted by the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Competition Commission of Pakistan, prominent UAE national and investor H.E. Nasser Abdulla Hussain Lootah has purchased a majority interest in Summit Bank. With PKR 10 billion already invested in the Bank as of January 2023, the Investor will now subscribe for 3.98 billion additional shares of the Bank at a price of PKR 2.51 per share, giving him a majority equity position.
Investor’s goal is to turn Summit Bank into a fully-fledged Islamic bank that adheres to the fundamentals of Islamic banking while also offering great services and cutting-edge products. Leadership and staff of the bank are devoted to giving their clients honest and open financial services and are excited about the bank’s future. The Bank will undergo rebranding for a new beginning and identity in conjunction with the acquisition, an overhaul of operations, and digitalization.
Investor is developing a medium- and long-term strategic and restructuring plan for Summit Bank with the support of A.F. Ferguson & Co. and Haidermota & Co., with a renewed commitment to its clients and principles at the forefront of its success. The Bank has a promising future and is well-positioned for success because to the Investor’s acquisition of the majority ownership in Summit Bank, its increased emphasis on Islamic finance, and its committed leadership and personnel.
Acquisition serves as evidence of ongoing foreign investment in Pakistan, which is important for the development of the banking sector and the nation’s economy. The Bank is in a strong position to take the lead in the market because to its increased emphasis on Islamic financial principles and dedication to providing ethical and transparent financial services.
