SBP approves the merger of Atlas and Summit bank Ltd
The SBP has accorded the sanction to the scheme of Amalgamation of Atlas and into Summit (SBL) formely Arif Habib Bank Ltd under Banking Companies Ordinance 1962. SBP in its sanction letter to Summit bank to comply with the conditions written in it under the scheme of amalgamation.
According to the KSE research the SBP asked to SBL to meet the shortfall minimum capital requirements from its own resources other wise it will lead to its merger.
Under the requirements Surroor Investment Ltd the consotium will give fresh equity at least Rs. 2.5 billion by the right offer in SBL.
Mean while SBL have to meet all the minimum capital requirement and capital adequacy ratio prescribed by the SBP, and most of all the depositors fund will not be used for this account of transaction.
Its noted down that the board of SBL already approved valuation and swap ratio for the issuance of 0.45 share of SBL for one share Atlas Bank Ltd.
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