Summit Bank acknowledges SBP role in assuring depositors’ interest

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KARACHI: Summit Bank has acknowledged the role of State Bank of Pakistan (SBP) in safeguarding the interest of its depositors and ensuring banking system of the country as stable and strong.
In a statement issued to Pakistan Stock Exchange (PSX) on Wednesday with reference to the recent notification issued by the SBP in relation to an order of the Supreme Court of Pakistan passed on July 08, 2018 during the proceedings of Human Rights Case No. 39216-G of 2018, the bank said: “The apex regulator in its notification has conveyed that the instruction provided in the ensuring order, shall in no manner, impact the operations of the Summit Bank or have any effect of the depositors’ money as the bank is working in a normal manner and efficiency meeting its obligation towards the depositors.”
It also pointed out the SBP clarification about the rumors circulating about Summit Bank in the media, particularly the social media, which are baseless and misleading and accordingly advised the public in general and depositors of the Summit Bank, in particular, not to pay attention to such rumors.
The SBP also reiterated its commitment to safeguard the interest of the depositors while indicating the banking system of the county as stable and strong.
The Summit Bank thanked the stakeholders, customers, employees, regulatory, unbiased media and business partners for their continued support to the bank.
It also thanked State Bank for issuing the press release to clear out all sort of rumors about Summit Bank, and for always playing and exceptional role for safeguarding the interest of depositors and for ensuring soundness and stability of the banking system.