Dubai-based businessman acquires majority stake in Pakistani commercial bank

Nasser Abdullah Hussain Lootah, a Dubai-based businessman, has acquired a majority stake in Summit Bank Limited, one of Pakistan's largest commercial banks. Lootah, who is also the chairman of Summit Bank, now holds 51% of the bank's shares and has taken over management control.

The acquisition was recently approved by the Pakistani government's regulatory bodies. Lootah has said that he plans to transform Summit Bank into a full-fledged Islamic bank, in line with the growing demand for Islamic finance in Pakistan. He has also pledged to invest heavily in the bank's operations and digitalization.

Summit Bank has 193 branches across Pakistan, of which 43 branches in 23 cities offer Islamic banking services. The bank's share price surged on Wednesday following the announcement of the acquisition.

Lootah's acquisition of Summit Bank is a significant development for the Pakistani banking sector. It is the first time that a foreign investor has acquired a majority stake in a Pakistani commercial bank. The move is likely to boost confidence in the Pakistani banking sector and could lead to further investment from foreign investors.

It is also a positive development for the Islamic banking sector in Pakistan. Summit Bank is one of the largest commercial banks in Pakistan and its conversion to a full-fledged Islamic bank will help to boost the growth of the Islamic banking sector in the country.