JCR-VIS Rating Company is closely monitoring the recent and upcoming developments regarding the on-going investigation initiated by Federal Investigation Agency against three commercial banks — Summit Bank Limited, Sindh Bank Limited and United Bank Limited.
JCR-VIS will be updating the investors about the development, said press release on Wednesday.
JCR-VIS believes that the on-going investigation could have material negative implications on the franchise of these banks. Comfort is drawn from State Bank of Pakistan's press release dated July 09, 2018 whereby it has confirmed that SMBL is continuing to meet obligations towards depositors and the regulator remains committed to safeguarding the interest of depositors.
Ratings of Banks involved in the investigation will be reviewed with the unfolding of events in this matter.