Bank Makramah Ltd Appoints Abdulla Nasser Abdulla Hussain Lootah As Chairman Board of Directors

Bank Makramah Limited (PSX: BML) has appointed Abdulla Nasser Abdulla Hussain Lootah as Chairman of the Board of Directors, the bank informed the Pakistan Stock Exchange on Thursday. “The Board has approved the Budget of the Bank for the financial year ending on December 31, 2024 and further Mr. Abdulla Nasser Abdulla Hussain Lootah has been appointed as the Chairman of the Board of Directors of the Bank in place of Mr. Waseem Mehdi Syed with an immediate effect,” the stock filing stated. Notably, the bank was permitted by the State Bank of Pakistan in July 2023 to change its name from Summit Bank Limited to Bank Makramah Limited. The name change followed the prior acquisition of a controlling stake in Summit Bank by prominent UAE investor Nasser Abdulla Hussain Lootah, who has now become Chairman BoD at the bank. Notably, the bank was permitted by the State Bank of Pakistan in July 2023 to change its name from Summit Bank Limited to Bank Makramah Limited.