Supreme Court’s Chief Justice has ceased the amalgamation of Summit Bank and Sindh Bank after taking a suo moto notice on the issue.
The hold was done by a large bench of Supreme Court. Justice Saqib Nisar, Chief Justice of Supreme Court initiated a listening on suo moto notice of amalgamation amid Sindh Bank into the Summit Bank.
With this regard, Justice Saqib Nasir stopped the merger and gave a notice to SBP’ Governor to issue balance sheets of these banks.
The Chief Justice stated that if the supreme judiciary does not allow, the merger of the two banks will not be allowed.
To everyone’s surprise, not one official from either bank or State Bank was present in the court room.
It is important to state here that Sindh Bank is possessed by the Sindh’s provincial government. The balance sheet of the preceding 9 months has a profit of Rs. 1.869 billion.
All the deposits in the balance sheet show an increase of 9.2% reaching to 130 billion which was Rs. 119 billion in December 2016. There is 15% deposits of Sindh Finance department as well. Whereas Summit Bank showed nonstop losses on the balance sheet since its start. It showed a decline of Rs. 427 million in the 9 months of 2017.