Pakistan’s Summit Bank said it is in talks with Sindh Bank for a possible merger. The bank said in a stock exchange filing that it will evaluate the information that Sindh Bank is providing suggesting a merger. Pakistan banking sector is now seeing several prospective mergers and acquisition in the light of tighter regulations imposed by the State Bank of Pakistan. Recently, Al Baraka Bank acquired Burj Bank and earlier Bank Islami acquired KASB Bank. Summit Bank is operating as a conventional bank with total assets of Rs 193.5 billion. It is planning to become a full-fledged Islamic bank. The majority shareholding in the bank is with Suroor Investments, which is the holding company incorporated in Mauritius. It has 51.4% shares in the bank. Meanwhile, the government of Sindh owns 100% shares in Sindh Bank.
