Summit Bank

Involved issuance of 3.98 billion new ordinary shares

Would still be short of Rs10b to meet capital adequacy ratio despite acquiring Summit Bank

Sources claim a prison official was suspended when he tried to take Lawai back to jail

This news will not have any impact on general banking activity

Top court tells FIA to halt probes against PPP leaders

SBP says regular operations will not be affected

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

Top court has also sought reply in PIA privatisation case

Latter would be the surviving entity; transaction swap ratio to be 4.17:1

Real purpose of merger is to bail out another crony, claims PTI MPA

Summit Bank, Sindh Bank also set to merge in September, disclosed Zaheer Esmail

The Board of Directors have approved conducting due diligence of Summit Bank Limited

Gilgit-Baltistan Governor Mir Ghazanfar is presenting a shield to Summit Bank CEO Muhammad Zahir Esmail

Applies for SBP’s permission to conduct due diligence

Esmail has 48 years of diversified banking experience including conventional as well as Islamic banking

Reports unconsolidated earnings of Rs217.2 million in 2015

Bank’s paid-up capital increases to Rs17.78b, major shareholder’s stake now 70.58%