Prominent UAE investor H.E. Nasser Abdulla Hussain Lootah has acquired a majority stake in Summit Bank to transform it into a leading Islamic bank.
The State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and the Competition Commission of Pakistan approved the acquisition signaling a new chapter for the Bank.
Lootah’s vision for Summit Bank includes exceptional services, innovative products, and a strong commitment to Islamic finance principles. He has purchased 3.98 billion new shares at PKR 2.51 per share, demonstrating his dedication to the Bank’s success and confidence in Pakistan’s future. In January 2023, the Bank received an advance payment of PKR 10 billion for the proposed share issuance.
With Lootah’s acquisition and a renewed focus on Islamic finance, Summit Bank is now poised to become a market leader in the banking sector. The Bank’s leadership and employees are enthusiastic about the institution’s future and committed to providing clients with ethical and transparent financial services.
Jawad Majid Khan, President of Summit Bank, highlights that the Bank’s revitalization involves more than just a new equity injection and Islamic banking.
Summit Bank will also comprehensively reorganize its operations and digitalization per modern banking standards. This process will include rebranding the Bank, giving it a fresh start and identity.
In collaboration with A.F. Ferguson & Co. (a PricewaterhouseCoopers member firm) and Haidermota & Co. (Legal Consultants), Lootah is developing a medium- and long-term strategic and restructuring plan for Summit Bank. The Bank’s recommitment to its customers and principles will be critical to its future success. Additionally, the Bank will benefit from Lootah’s connections in the Middle Eastern banking industry.
With Lootah’s acquisition of a majority stake in Summit Bank, a renewed emphasis on Islamic finance, and dedicated management and staff, the Bank’s future is bright and well-positioned for success.
