As per local media reports Summit bank is showing interest to acquire majority shares in Burj Bank – Islamic commercial bank. The application has been moved to state bank of Pakistan for permission to conduct due diligence of Burj Bank Limited for the said purpose and statement issued to Pakistan Stock Exchange (PSX). After the permission and fulfillment of requirements, Summit can carry out a comprehensive examination of Burj Bank to determine actual worth. The process previously completed by Bank of Khyber, National Bank of Pakistan and MCB Bank earlier but no price is offered to Burj Bank for acquisition. At present Burj Bank is operational with seventy-five (75) branches across the country whereas Summit nationwide branches in total are one hundred and ninety-two (192) as of December 31, 2015.
Summit Bank and Burj Bank