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. A merger happens when two firms, often of about the same size, agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a "merger of equals." Both companies' stocks are surrendered and new company stock is issued in its place. or e!ample, both "aimler#Benz and $hrysler ceased to e!ist when the two firms merged, and a new company, "aimler$hrysler, was created. %hile %hen one company takes o&er another and clearly established itself as the new owner, the purchase is called an acquisition. rom a legal point of &iew, the target company ceases to e!ist, the buyer "swallows" the business and the buyer's stock continues to be traded.
History of Atlas Bank:The Atlas 'roup established Atlas (n&estment Bank in )**+ as a ,oint &enture between Atlas 'roup and the Bank of Tokyo#-itsubishi, .apan. %ith an associated company, Atlas /ease /imited formed in )*0* as a ,oint &enture between the Atlas 'roup, the Bank of Tokyo# -itsubishi, .apan and the 1ational (n&estment Trust, 2akistan was merged into the Bank in ebruary, 3++3. After the merger, the shares of the ,oint &enture partners were taken o&er by the 'roup. The head office of the Bank is situated in 4arachi with branch offices in /ahore, (slamabad and aisalabad. The Bank is a member of all the three stock e!changes in 2akistan. The 'roup acquired a commercial bank i.e., Dawood Bank Limited in 3++5 and change its name to Atlas Bank Limited and merged the Atlas Investment Bank Limited in it. Atlas Bank is launching a %ealth -anagement group, geared towards high net worth indi&iduals in 2akistan. %ealth -anagement group will offer numerous products, along with financial planning, and will begin operations in 3++0. (n 6ctober 3++0, Atlas Bank announced it was going to merge with the 4A7B group, howe&er since a consensus on the way forward between the two parties could not be reached a decision by the sponsors for both banks was taken to withdraw from the planned merger with 4A7B Bank. 8owe&er, a new potential merger was announced early April 3++* between Atlas Bank /imited and 7audi#2ak $ommercial Bank. An -69 was signed between the two banks to proceed with due diligence to determine a swap ratio.
History of Summit Bank:7ummit Bank /td is one of the fastest growing commercial banks of 2akistan, which, in a &ery short span of time, has e!panded its network across the country and built an infrastructure based on state of the art :;isk -anagement ramework< as well as :(T platform.< Also targeting to be a uni&ersal bank in terms of pro&iding products and ser&ices in all key segments of banking i.e.
$orporate and (n&estment Banking, Trade inance, $ommercial -id -arket = 7->s, and $onsumer Banking, it commenced its operations in August 3++?. The 2akistan operations of ;upali Bank /imited were acquired by Arif 8abib 7ecurities /imited under the 7cheme of Amalgamation appro&ed by the 7tate Bank of 2akistan. The name of ;upali Bank /td was subsequently changed to Arif 8abib ;upali Bank /td and then finally to Arif 8abib Bank /td in 6ctober 3++@. 6n A)st -arch 3+)+, 7uroor (n&estments /td, a company incorporated in -auritius, acquired 5*.B)C stake in Arif 8abib Bank /td from Arif 8abib 7ecurities /td, and on )0th August 3+)+, Arif 8abib Bank /td was rebranded as Summit Bank Ltd. 7uroor (n&estments /td, also entered into share purchase agreements D72AsE with ma,ority shareholders of -yBank /td and Atlas Bank /td, who after completion of the transactions ha&e merged in 7ummit Bank /td e!panding the BankFs geographical outreach with a network of )0@ ;eal G Time 6nline branches across the country. (n line with the managementFs &ision of making this bank a front runner amongst its peer banks, this merger has brought synergies and access to a wider range of markets and customers.
7ummit $apital D2&t.E /imited incorporated in 3++? with the paid#up $apital of 24; A++mn to accommodate the merger of Atlas (n&estment Bank /imited with Atlas Bank /imited. The $ompany at the time of inception acquired certain ser&ice led operations which ha&e been functioning as a part of Atlas (n&estment Bank /imited as it's wholly owned subsidiary. 7ubsequent to the merger of Atlas Bank /imited and Atlas (n&estment Bank /imited, this company became a wholly owned subsidiary of Atlas Bank /imited.
After merger:2 Atlas Bank Limited Summit Bank Limited 11/1/2011 5,001.47 [ 1 : 0.4 ]