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Subject : Summit Bank Merges Into Sindh Bank
The management of Summit Bank has now finalized the merger with Sindh Bank. The closing date of Summit Bank’s banking operations has been set to December 29th for Karachi, subject to the approval of the State Bank of Pakistan. From the 29th of December, the banking license for Summit Bank issued by the SBP will be canceled and the branches would be changed into Sindh Bank. Summit Bank’s board of directors had approved the merger with Sindh Bank and set a share value of bank at par with 3.85 shares as part of the amalgamation scheme between the two banks. The share swap ratio of 1 new ordinary share of Summit Bank for every 3.85 ordinary shares of Sindh Bank for the merger to take place. The set-up of the share price of the bank is likely to be dependent on the merger of the two banks with a share swap just as it was previously done in the case of MCB Bank and NIB Bank. However, sponsors and shareholders will have their stakes in the combined or merged bank. Summit Bank Ltd’s, Company Secretary Syed Muhammad Talib Raza mentioned: “At a meeting of the Board of Directors of Summit Bank Limited, held on 04 August 2017, the Board of Directors passed the resolution that subject to all applicable regulatory approvals including approval of the State Bank of Pakistan and approval of the shareholders of the bank in a general meeting.”
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