On 4th April Summit Bank completed the acquisition of 59.3% shares of MyBank Limited for Rs 2.5 billion. According to a notice circulated by the Karachi Stock Exchange, Summit Bank purchased 314.7 million shares of issued paid-up capital of MyBank at Rs8 per share.
In 2008, Suroor Investments, a UAE-based group, made its foray into Pakistan by acquiring Arif Habib Bank and Atlas Bank and now more recently MyBank. These three banks have been merged and re-launched as Summit Bank.
Over the last four years, Suroor Investments have invested over $125 million in Pakistan’s financial sector. The group plans to make further investments of $50 million.