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Bank Makramah Limited

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Summit Bank Limited
FormerlyRupali Bank Limited ; Arif Habib Bank
Company typePublic
IndustryBanking
Founded2006; 18 years ago (2006)
HeadquartersKarachi, Pakistan,
Pakistan
Number of locations
193
Products
  • bank loans
  • debit cards
  • savings accounts
ParentSuroor Investments Limited, Rupali Bank Limited
Websitewww.summitbank.com.pk

Summit Bank — with its headquarters in Karachi, Pakistan — is a retail bank, which is a subsidiary of Suroor Investment[1], a Mauritius investment company. It has a network of 193 branches across the country.[2][3]

History

In 2007, Arif Habib Securities Limited acquired Pakistan Operations of Rupali Bank Limited[4], under the Scheme of Amalgamation by the State Bank of Pakistan. In 2010, Suroor Investments Ltd. acquired 59.41% stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius[1]. Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd.[2]

Suroor Investments Ltd. acquired 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.

References

  1. ^ a b "Suroor Investment acquires AHBL". Dawn. 2 July 2009. Retrieved 6 August 2019.
  2. ^ a b Company Overview of Summit Bank Limited on Bloomberg.com website, Retrieved 14 October 2017
  3. ^ Summit Bank issues 700.6 million shares for Rupees 7 billion, Business Recorder (newspaper), Published 18 February 216, Retrieved 14 October 2017
  4. ^ "Suroor's acquisitions: Three commercial banks and now a microfinance bank". The Express Tribune. 8 February 2011.
  5. ^ "Atlas Bank enters into sale deal with Mauritius firm". Dawn. 24 November 2009. Retrieved 6 August 2019.
  6. ^ "MyBank, Summit Bank: Shareholders approve merger". The Express Tribune. 25 January 2011.
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