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Summit Bank gets approval to conduct due diligence on Burj Bank

Summit BankLtd. won in-principle approval from the State Bank of Pakistan tocarry out due diligence on BurjBank Ltd.

The bank originally soughtpermission from the central bank in March, according to an April 29 statement.

Summit Bank is one of the several Pakistani lenders,including Al Baraka Bank(Pakistan) Ltd., interested in acquiring Burj Bank.