Supreme Court wants to oversee Sindh Bank, Summit Bank merger process

KARACHI: The Supreme Court (SC) on Saturday said that the proposed merger of Sindh Bank and Summit Bank will not take place without its permission.

A three-member bench, headed by Chief Justice of Pakistan Mian Saqib Nisar, ordered that the proposed amalgamation would be supervised by the SC.



A report submitted by the State Bank of Pakistan (SBP) said that both the banks had agreed to start the process of the merger afresh.



The Supreme Court warned that if the process was not carried out according to rules and regulations, the merger would not be allowed.

The top court also directed both banks to submit a detailed report on the proposed merger.



The amalgamation plan of Sindh Bank with Summit Bank faced a setback after SC’s suo motu intervention over alleged irregularities.

Published in The Express Tribune, May 13^th, 2018.

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