Business

NCCPL letter has no effect on operations: Summit Bank

This news will not have any impact on general banking activity

Press Release August 11, 2018

Summit Bank said it has informed customers and stakeholders that the purpose of the letter was only for brokerage houses maintaining their shares settlement account with the bank. PHOTO:FILE

KARACHI: In reference to the National Clearing Company’s letter dated August 2, 2018, Summit Bank said it has informed customers and stakeholders that the purpose of the letter was only for brokerage houses maintaining their shares settlement account with the bank. “It has no effect on operations of the bank related to clearing of routine cheques, RTGS, pay orders, etc,” Summit Bank said. National Clearing Company of Pakistan Limited (NCCPL) is an institution of Pakistan’s capital market providing clearing and settlement services to the Pakistan Stock Exchange on behalf of brokerage houses. “As currently we (Summit Bank) are in the phase of merger with Sindh Bank, we do not intend to continue NCCPL services. This news will, therefore, not have any impact on general banking activity and Summit Bank will continue to facilitate its customers,” it said.

Published in The Express Tribune, August 11^th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.