Summit Bank co-opts 7 Mybank directors


KARACHI – Summit Bank Limited (SBL), which has acquired 59.34 percent of the total issued and paid-up capital of Mybank Limited (MBL), has co-opted at least seven new directors at the board of the MBL. The merger was finalised at the start of this year, in January, when shareholders of the two banks had given a green signal to their respective managements on the proposed amalgamation.
The SBL then acquired up to 314.701 million ordinary shares of the MBL at a rate of Rs 8.0 per share. The swap ratio for the merger had been set at 0.8 share of the Summit Bank for each share of MyBank. As a result of the change in shareholding of Mybank Limited, seven new directors have been co-opted as directors of the MBL, the Summit Bank on Monday informed its shareholders at Karachi Stock Exchange.
Subject to the approval of regulator, State Bank of Pakistan, the MBL’s Board would incorporate Nasser Abdullah Hussain Lootah as a Chairman and Husain Lawai, Nasim Beg, Asadullah Khwaja, M Farid Uddin, Dr Ahmed Khalil Mohammad Samea Al Mutawa and Shehryar Faruque as directors from April 1, 2011.