Pakistan News

    Summit Bank Sukkur

  • Summit Bank eyes Burj Bank for Islamic banking entry

    KARACHI: Summit Bank has received approval from the State Bank of Pakistan (SBP) to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale...

    The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles...

  • Money laundering scandal: FIA seeks Summit Bank's equity details from SBP, SECP

    The Federal Investigation Agency (FIA) probing the alleged money laundering case worth Rs35 billion against 13 firms including Zardari Group and Omni firm has approached State Bank of Pakistan (SBP) and Security Exchange Company of Pakistan (SECP) to seek details of Summit Bank’s equity and names of chief executive officers (CEOs) of the said beneficiary firms, it emerged on Monday...

    This exercise by the federal body has been...

  • Summit, Sindh Bank merger likely by end of September

    KARACHI: Summit Bank’s merger into Sindh Bank will accentuate the latter’s paid-up capital to Rs27 billion and widen its network to 525 branches by the end of September, said the presidents of the two banks in a press briefing held on Thursday...

    Sindh Bank with an existing paid-up capital of Rs17bn, will add another Rs10bn of Summit Bank’s capital into its portfolio once the deal is finalised...

  • Bank Alfalah declared best bank for 2017

    KARACHI: Bank Alfalah received the Best Bank Award for 2017 for demonstrating “the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise community and financials”...

    United Bank received the same award last year...

  • India central bank says linking national ID number to bank accounts mandatory

    MUMBAI: India’s central bank on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhar numbers, to bank accounts...

    “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,” it said in a statement...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • Bahrain's Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank

    Bahrain-based Bank Alkhair said on Wednesday it had received approval from the State Bank of Pakistan to sell its stake in Pakistan's Burj Bank to a subsidiary of Bahrain's Al Baraka Banking Group...

    Al Baraka, one of the Gulf's top Islamic banks, had said in September that its Pakistani unit, Al Baraka Pakistan, would merge with Burj Bank to create an institution with assets totalling more than $1...

  • Work begins on Sukkur warehouse for relief goods

    SUKKUR: A warehouse is being built in the SITE area in collaboration with Japan, Australia, The Netherlands and the United States to store relief goods for use in time of natural disasters in upper Sindh, according to director general of the Provincial Disaster Management Authority Syed Salman Shah...

    He said that two warehouses had been planned in the province, one in Hyderabad and the other in Sukkur...

  • ‘Floodwater poses no threat to Sukkur, other towns’

    SUKKUR: The special assistant for relief to Sindh chief minister has said that the situation is normal, protective dykes have been strengthened and there is no danger of flood in Sukkur district...

    This was stated by Special Assistant Ali Hassan Hingorjo after visiting Begari dyke, Zero Point Sukkur and Ali Wahan dyke...

  • Sukkur court still without CCTV cameras

    SUKKUR: The Sukkur district administration has failed to install CCTV cameras inside and outside the circuit bench of the Sindh High Court building despite the court’s directives...

    Following the court’s directives, a meeting attended by Sukkur commissioner, DIG, SSP, deputy commissioner and others was held on Sept 3 where it was decided to install a CCTV system for protection of the SHC building and DC Shahzad Fazal Abbasi...

  • More
Back to top