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Karachi, In accordance with Section 96 and 131 of the Securities Act, 2015, and clause 5.6. 1 (a) of the Rule Book of the Pakistan Stock Exchange, Summit Bank Limited has announced its intention to change its name to Bank Makramah Limited (BML) pending regulatory and shareholder approvals.
The decision was made by the Board of Directors of Summit Bank Limited through a resolution passed on July 17, 2023, in accordance with Section 179 of the Companies Act, 2017. The name change reflects the bank’s strategic vision and aims to realign its branding with its future goals and objectives.
A No Objection Certificate (NOC) and consent for the name change have already been obtained from the State Bank of Pakistan on July 17, 2023. However, the effective implementation of the new name is subject to securing other relevant regulatory approvals, obtaining the approval of the bank’s shareholders in an Extraordinary General Meeting through a special resolution, and restating the Memorandum & Articles of Association to incorporate the name change and align with the provisions of the Companies Act, 2017, along with other matters of special business.
Summit Bank Limited has emphasized its commitment to complying with all regulatory requirements and ensuring transparency throughout the process. In accordance with S.R.O 143(1)/2012 dated December 5, 2012, a disclosure form as required by Sections 96 & 131 of the Securities Act, 2015 has been provided as Annexure ‘A’.
The proposed name change to Bank Makramah Limited signifies a significant milestone in the bank’s evolution and strategic transformation. The new name is expected to create a fresh identity for the institution, aligned with its future aspirations and objectives.
Pending the necessary approvals, Summit Bank Limited will continue to operate under its current name. The bank remains committed to providing reliable and innovative financial solutions to its customers and maintaining its position as a trusted player in the banking sector.
Industry stakeholders and shareholders are eagerly awaiting further updates on the name change process and its implications for the future direction of Bank Makramah Limited (BML). The bank’s management aims to navigate the regulatory landscape diligently and ensure a seamless transition while focusing on delivering value to its stakeholders in the evolving financial ecosystem.
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