Press Release

VIS Withdraws Rating of Tier-2 Instrument of Bank Makramah Limited (Formerly: Summit Bank Limited)

Karachi, May 11, 2026: VIS Credit Rating Company Limited (VIS) has withdrawn the rating of the Tier-2 Instrument of Bank Makramah Limited (‘BML’ or the ‘Bank’) on account of conversion of the Tier-2 TFC instrument into equity. As per Banks disclosure dated April 29, 2026, the Board of Directors of BML approved the issuance and allotment of 27,888,469 fully paid-up ordinary shares of the Bank to the Tier-2 TFC holders against settlement of the outstanding principal amount and accrued profit up to December 31, 2025. These shares shall form part of the Bank’s Tier-I Capital.


For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.


Applicable Rating Criteria:

Policy for Suspension and Withdrawals of Ratings
https://docs.vis.com.pk/docs/policy_withdrawal.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright May 11, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.