Press Release

Ratings of Summit Bank

Karachi, September 28, 2020: Summit Bank Limited has made an announcement of its CY2018 results. Moreover, through a letter dated March 30th 2020 the Bank has intimated to the PSX firm intention of a prospective investor to acquire majority stake in the Bank while ensuring compliance with Minimum Capital Requirement and Capital Adequacy Ratio as prescribed by the State Bank of Pakistan. The proposed transaction is subject to due diligence and all regulatory and corporate approvals. As the updated information (including Dec’2019 and June 2020 financial statements) is to follow in due course of time, no rating opinion is being announced. The previous rating action was announced on February 01, 2019 continues.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext. 201) at 021-35311861-70 or email at info@vis.com.pk mailto:info@vis.com.pk


Javed Callea
Advisor

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

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