Bank Makramah Limited (Urdu: بینک مکرمہ لمیٹڈ), formerly Summit Bank, is a Pakistani Islamic bank, which is a subsidiary of Suroor Investment, an investment firm based in Mauritius. It is based in Karachi, Pakistan.[2] a Mauritius investment company. It has a network of 193 branches across the country.
| Formerly | Arif Habib Bank Summit Bank |
|---|---|
| Company type | Public |
| PSX: SMBL | |
| Industry | Banking |
| Founded | 2006 |
| Headquarters | Karachi-75600, |
Number of locations | 193[1] (2022) |
Key people | |
| Products |
|
| Revenue |  Rs. -867 million (US$−3.0 million)[1] (2022) |
| Rs. -7.29 billion (US$−25 million)[1] (2022) | |
| Rs. -3.16 billion (US$−11 million)[1] (2022) | |
| Total assets |  Rs. 140.71 billion (US$490 million)[1] (2022) |
Number of employees | 1,645[1] (2022) |
| Parent | Suroor Investments Limited |
| Website | www |
History edit
In 2007, Arif Habib Securities Limited acquired Pakistani operations of Rupali Bank Limited,[3] under the Scheme of Amalgamation by the State Bank of Pakistan.
In 2010, Suroor Investments Ltd. acquired a 59.41 percent stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius.[2] Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd.[4]
Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd.[5] and these banks were later on came under the umbrella of Summit Bank Ltd.,[6] increasing the network of the bank to over 193 branches in the country.
On November 07, 2023, ‘Summit Bank Limited’ has changed its name to ‘Bank Makramah Limited’.[7][8]
edit
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.[9][10]
References edit
- ^ a b c d e f "Summit Bank Annual Report 2022" (PDF). summitbank.com.pk. Retrieved 22 November 2023.
- ^ a b "Suroor Investment acquires AHBL". Dawn. 2 July 2009. Retrieved 6 August 2019.
- ^ "Suroor's acquisitions: Three commercial banks and now a microfinance bank". The Express Tribune. 8 February 2011.
- ^ Hussain, Arshad (10 September 2018). "Sindh Bank and Summit Bank are merging. Who is the real buyer?". Profit by Pakistan Today.
- ^ "Atlas Bank enters into sale deal with Mauritius firm". Dawn. 24 November 2009. Retrieved 6 August 2019.
- ^ "MyBank, Summit Bank: Shareholders approve merger". The Express Tribune. 25 January 2011.
- ^ Desk, BR Web (13 November 2023). "Summit Bank changes name to Bank Makramah Limited". Brecorder. Retrieved 27 December 2023.
- ^ Imran, Urooj (18 July 2023). "Summit Bank has a new name as it tries to leave the past behind". Profit by Pakistan Today. Retrieved 27 December 2023.
- ^ Malik, BR Web Desk | Ahmed (31 March 2020). "Summit Bank Limited: Lootah wants to acquire majority shareholding". Brecorder. Retrieved 11 September 2020.
- ^ "Summit Bank's acquisition approved". www.thenews.com.pk. Retrieved 11 September 2020.
External links edit
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