Suroor Investment to provide Summit Bank with capital fund for Sindh Bank merger

In a notice released by Summit Bank Limited on June 27^th, 2018 the bank provided an update on their progress regarding the proposed merger of Summit Bank Limited with Sindh Bank Limited.

The experts of both Summit Bank limited and Sindh Bank limited have carried out the updated due diligence of one another based on the their respective audited financial statements as of December 31^st, 2017.

Furthermore the bank announced that they have begun working on the revised scheme of amalgamation, which once approved by the Board of Directors of the Bank will be submitted to the shareholders of the Bank and Sindh Bank limited for their approval subject to all applicable regulatory approvals and compliance.  

They further informed that the Bank has devised a contingent capital restoration plan to enable them to meet the applicable regulatory capital requirements in case the Board of directors decide to back out of the proposed merger. According to this plan their sponsor Suroor Investment Limited has committed to the State Bank of Pakistan to provide Summit Bank limited with the required amount of capital fund on or before 31^st December 2018.