A Review On Summit Bank Pakistan

A Review On Summit Bank Pakistan


Summit Bank is a Pakistani retail bank, which is a subsidiary of Suroor Investment and is in Karachi, Pakistan. a Mauritius investment company. It has a network of 193 branches across the country.

History:

In 2007, Arif Habib Securities Limited acquired Pakistan Operations of Rupali Bank Limited, under the Scheme of Amalgamation by the State Bank of Pakistan.

In 2010, Suroor Investments Ltd. acquired 59.41% stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius. Later in 2010, Arif Habib Bank Ltd. was re branded under the name of Summit Bank Ltd.

Suroor Investments Ltd. acquired majority shares of Atlas Bank Ltd. and My Bank Ltd.and these banks were later on came under the umbrella of Summit Bank Ltd. increasing the network of the bank to over 193 branches in the country.

The bank functions as a "financial intermediary" with the main business of collecting and distributing public funds and providing other services in payment traffic. As a business entity, the bank will always try to get the maximum profit from the business it runs. Banking is everything related to a bank, including institutions, business activities, methods and processes in carrying out activities. Today there is a lot of literature that provides an understanding or definition of a Bank.

The definition of a financial institution is any company engaged in finance where its activities are only collecting funds or only distributing funds The bank functions as the center of economic activity with the main business activity of collecting and channeling public funds or transferring public funds from surplus units to deficit units or transferring money from savers to creditors Protection of public funds entrusted to banks, apart from applying the precautionary principle, also fulfills bank health requirements, as well as functions to prevent practices that are detrimental to the public interest.