Sindh Cabinet approved the merger of Summit Bank

The Sindh cabinet approved the minutes of the last cabinet meeting and then took up the agenda of merger of Summit Bank with Sindh Bank. The chief Minister told the cabinet that the Sindh Bank was established on the occasion of death anniversary of Shaheed Mohterma Benazir Bhutto in 2011 by establishing its first branch at Naudero in which President [former] Asif Ali Zaradri had opened his first inaugural account. The bank has established 300 branches within its first three years, he said. The Summit bank is also a newly established bank and its merger with Sindh bank would boost the business further.

The meeting was told that the board of Sindh Bank Ltd has already approved merger of Sindh Bank Ltd into Summit Bank Ltd for which a swap ratio of 1:4.17 has been determined, that is one ordinary share of Sindh Bank is approved to be issued for every 4.17 ordinary shares of summit bank.

Talking about structure of the transition is, the chief minister said that Summit bank would merge into Sindh Bank which would be the surviving entity. Sindh Bank would have majority representation on the board of directors and dominant shareholding would continue to be held by Sindh government. Sindh Bank, as the surviving entity, would apply for the combined shares to be listed on the Pakistan Stock Exchange through technical listing.

The cabinet unanimously approved the merger of Summit Bank into Sindh Bank.

Media Consultant to Chief Minister Sindh

Media Cell Team

Sindh Chief Minister House.

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