KARACHI: The board of the Summit Bank Limited approved the bank’s merger into Sindh Bank Limited at a share swap ratio of 1 new ordinary share of Summit Bank for every 3.85 ordinary shares of Sindh Bank for the scheme of amalgamation. “At a meeting of the Board of Directors of Summit Bank Limited, held on 04 August 2017, the Board of Directors passed the resolution that subject to all applicable regulatory approvals including approval of the Stale Bank of Pakistan and approval of the shareholders of the bank in a general meeting, the Board of Directors of the bank approved the amalgamation with and into Sindh Bank Limited under section 48 of’ the Banking Companies Ordinance 1962”, said Syed Muhammad Talib Raza, Company Secretary at Summit Bank Limited. Raza further informed the Pakistan Stock Exchange on Monday that as a consequence of this proposed amalgamation, one ordinary share of Sindh Bank Limited is proposed to be issued for every 3.85 ordinary shares of the Summit Bank. The Sindh Bank Limited, owned by the Sindh-government and Summit Bank have already approached the central bank in this regard. The potential transaction is expected to create a combine entity with assets of Rs 300 billion and 450 branches nationwide. It is the second merger in 2017 as earlier this year MCB Bank and NIB Bank have approved merger of the two banks via a share swap transaction. The two smaller Shariah-compliant lenders – Burj Bank merger into Al Baraka Bank – also witnessed amalgamation scheme last year. Published in Daily Times, August 8th 2017.