SBP ap­proves At­las, Sum­mit banks merger

The Pak Banker - - Company & Boss News -

KARACHI: The State Bank of Pak­istan (SBP) has ac­corded sanc­tion to the scheme of amal­ga­ma­tion of At­las Bank Ltd with and into Sum­mit Bank Ltd (SBL), for­merly Arif Habib Bank Ltd un­der Bank­ing Com­pany Or­di­nance 1962.

SBP, in its let­ter sanc­tion let­ter of De­cem­ber 15, 2010, has di­rected Sum­mit Bank Ltd (SBL) to com­ply with con­di­tions stated in its or­der while im­ple­ment the scheme of amal­ga­ma­tion. Ac­cord­ing to in­for­ma­tion reach­ing KSE on Tues­day, the Cen­tral Bank has asked SBL to meet any short­fall in min­i­mum cap­i­tal re­quire­ment (MCR) from its own re­sources as a con­se­quence of this merger.

Un­der the re­quire­ments, Suroor In­vest­ment Ltd, the con­sor­tium will in­ject fresh eq­uity of at least Rs 2.5 bil­lion through right of­fer in SBL. In ad­di­tion, SBL will at all times meet the MCR and cap­i­tal ad­e­quacy ra­tio as pre­scribed by SBP from time to time. The de­pos­i­tors' fund will not be used on ac­count of this trans­ac­tion. -PB News

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