Summit Bank running its day to day operations well, clarifies SBP

The SBP said that these rumours originally stemmed from a notice of National Clearing Company of Pakistan Ltd (NCCPL) regarding bank’ settlement status to provide clearing services for stock brokers.

According to an SBP release such a “bank only processes payments and receipts of funds on behalf of its broker clients with NCCPL for their sale and purchase transactions in stock exchange”.

Furthermore, the central bank clarified that these operations do not have any bearing on other regular day-to-day operations – deposit-taking and withdrawal – of SMBL.

The SMBL is discharging its liabilities towards its depositors and other stakeholders in a satisfactory manner and it’s clearing and settlement function is working smoothly, said the SBP.

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