Press Release

Update on Ratings of Commercial Banks

Karachi, July 10, 2018: The press release is to update investors that JCR-VIS is closely monitoring the recent and upcoming developments regarding the ongoing investigation initiated by the Federal Investigation Agency against three Commercial Banks - Summit Bank Limited (SMBL), Sindh Bank Limited and United Bank Limited.

JCR-VIS believes that the ongoing investigation could have material negative implications on the franchise of these Banks. Comfort is drawn from State Bank of Pakistan’s press release dated July 09, 2018 whereby it has confirmed that SMBL is continuing to meet obligations towards depositors and the regulator remains committed to safeguarding the interest of depositors. Ratings of Banks involved in the investigation would be reviewed with the unfolding of events in this matter.

For further information on this rating announcement, please contact the Mr. Javed Callea (Ext: 201) at 92-21-35311861-70 or fax to 92-21-35311873.



Atiq Anwar Mahmudi
Advisor


Applicable rating criterion: Commercial Banks Methodology - March 2018
http://jcrvis.com.pk/docs/Meth-CommercialBanks201803.pdf

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