Banking

Sindh Bank & Summit Bank Under Attack

Karachi, July 17, 2019: Panic gripped among the customers and stakeholders of the two banks — Sindh Bank and Summit Bank — as the government ministers imposed allegation on the banks declaring them as Benami Banks developed purposefully for exercising money laundering.

Customers of the two banks are getting worried from the serious level allegation imposed on the banks recently by the Federal Minister for Maritime Affairs Ali Zaid and Special Assistance to PM Shahzad Akbar in a recent press conference.

Customers are requesting to withdraw their deposits from the accounts or close down their accounts as the result of the allegations made by the cabinet members of the incumbent government.

However, the two banks with the damaged reputation are aggressively defending themselves in front of customers and trying to convince them to continue the routine financial transactions through the banks with giving a deaf ear to false accusations.

Separately two banks in the firefighting campaign against the rumors and accusation stated their positions.

In its official statement, Summit Bank said it is smoothly carrying out its business and meeting all its obligations to depositors and customers in a normal manner. This fact was by the bank in response to some fake news aimed at tarnishing the bank’s image and credibility.

Contrary to such malicious news on social media, Summit Bank holds ample liquidity and is actually conducting its operations as usual. All the depositors, customers and clients of the bank are fully satisfied with Summit Bank’s services. The bank strongly denies such false and baseless news about the bank and requests the general public to ignore these rumors.

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Also, the management of the bank has lodged a complaint with the Federal Investigation Authority (FIA) Cyber Crime Wing requesting for strict action against individuals or elements behind such negative tactics. The management would take all necessary steps to safeguard the interest of the Bank and its stakeholders.

Sindh Bank, on the other hand, stated that the bank is growing its business across the country with operations through 330 branches and 2,300 workers.

The further stated that the bank received an injection of Rs. 3.7 billion in the equity from the provincial government in the paid-up capital, which also strengthens its solvency position.

The bank’s management assured its customers and relevant government department for uninterrupted and smooth operations and services in coming days as routine.

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