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Karachi, In a recent development, Summit Bank Limited has announced its plan to hold an Extraordinary General Meeting (EOGM) on August 15, 2023, at 12:00 p.m. at Serena Hotel, Islamabad. The primary agenda of the meeting is to seek shareholder approval for a major overhaul, including a change of the bank’s name to ‘Bank Makramah Limited’ (abbreviated as BML).
The decision was taken by the Board of Directors through a resolution passed by circulation on July 18, 2023, following the provisions of section 179 of the Companies Act, 2017. The proposed name change aims to reposition and revitalize the bank’s identity in the ever-evolving financial landscape.
Apart from the name change, the Bank’s Memorandum and Article of Association will also be restated to incorporate the new name and align with the provisions of the Companies Act, 2017. The restructuring process will be undertaken to optimize the bank’s operations and enhance its efficiency.
The EOGM will also address several other agenda items of special business, seeking shareholder approval for their respective proposals. The management is confident that these measures will reinforce Summit Bank’s standing in the market and facilitate its growth in the future.
Bank Makramah Limited envisions a promising future, and the EOGM is a pivotal step towards achieving its aspirations. Shareholders and stakeholders are eagerly anticipating the meeting to shape the bank’s next chapter.
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