According to a recent circular issued by State Bank of Pakistan, with effect from August 18, 2010 Arif Habib Bank has changed its name to “Summit Bank Limited”. The Arif Habib Limited has acquired two local banks named ‘Atlas Bank’ and ‘My Bank’. The acquisition process is expected to be completed by October, 2010. The new bank will work under the name of “Summit Bank Limited”. A consortium of foreign investors has agreed to invest Rs 2.5 billion in the new bank.  The new paid up capital of the three banks combined forming the Summit bank will be about 10 billion rupees. The bank will have a network of 160 branches across the country. The bank’s management has also shown its intentions to SBP to initiate an Islamic Banking program.

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