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Pakistan's Summit Bank quashes false rumors on operations

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Pakistan's Summit Bank quashes false rumors on operations

Summit Bank Ltd. clarified that it is operating normally and there is no basis to rumors regarding its business operations.

The Pakistan-based lender said in an Aug. 8 release that it will take legal action against individuals responsible for circulating false and misleading information on social media via the Cyber Crime Act.

The rumors resulted from a misinterpretation of an Aug. 2 letter by the National Clearing Co. of Pakistan Ltd., or NCCPL, which noted that Summit Bank's status as a settlement bank will be terminated, effective Aug. 17, as a result of its failure to meet minimum paid-up capital requirements within a deadline.

The country's central bank then issued an Aug. 8 notice clarifying that the NCCPL notice only addressed Summit Bank's status as a settlement bank providing clearing services to stockbrokers. This does not affect the lender's other regular operations such as deposits and withdrawals, said the State Bank of Pakistan.

It added that National Institutional Facilitation Technologies (Pvt) Ltd., which provides clearing services for banks in the country, has not terminated Summit Bank's membership or its services to the lender.