Summit Bank renamed Makramah

KARACHI: Summit Bank Limited has changed its name to Bank Makramah Limited, effective from Nov. 7, following the acquisition of a controlling stake by a UAE investor.

“We are pleased to inform you that the name of ‘Summit Bank Limited’ has been changed to ‘Bank Makramah Limited’ (abbreviated as 'BML') with effect from November 07, 2023,” bank said in a notice to Pakistan Stock Exchange.

“This change is subject to the condition that for a period of ninety days from the date of issue of this certificate, the company shall continue to mention its former name along with its new name on the outside of every office or place in which its business is carried on and in every document or notice referred to in section 22 of the Act.”

The name change comes after Nasser Abdulla Hussain Lootah, the chairman of Lootah Group of Companies, a diversified conglomerate based in Dubai, acquired a 51 percent stake in Summit Bank in July.