Daily Times

KARACHI: In the matter of FlA’s allegations against several Banks regarding various local transactions. Summit Bank Ltd has clarified that this investigation is regarding particular accounts in certain branch and has no bearing on the Bank’s operations, its strength and its management.

The matters are being rigorously defended by Summit Bank Limited in accordance with law before the relevant forums.

State Bank of Pakistan is also well aware of these facts and it has issued a Press Release no. ERD/M & PRD/PR/01/2018-55 dated July 09, 2018 (available at State Bank of Pakistan website: www.sbp.org.pk) whereby SBP has highlighted that rumors about Summit Bank are baseless and misleading. The public in general and depositors of Summit Bank in particular are therefore advised not to pay any attention to adverse rumors in light of the Press Release issued by SBP. We reiterate that there is no risk to our normal banking practices and the deposits of our customers are safe and secure.

“We further clarify that sponsor shares/equity of Summit Bank Ltd. are being treated similarly to all other banks operating in Pakistan in accordance with prevailing banking regulations”.

In order to deal with false rumors/ reports and unauthenticated news in the social media. Summit Bank Ltd. reserves its right to take legal action against anyone involved in this illegal activity including but not limited to action under cybercrime laws. Defamation laws and other civil / criminal statutes through law enforcing agencies including HA and the Honorable Courts and other forums. Unscrupulous elements are therefore advised to refrain from spreading false rumors and information.

Published in Daily Times, July 17^th 2018.