The federal cabinet has extended approval to the name of Summit Bank Limited as Bank Mukarramah Limited on the recommendation of the finance ministry.

The decision was taken during the cabinet meeting in Islamabad which was presided over by interim Prime Minister Anwaarul Haq Kakar on Tuesday.

On the recommendation of the interior ministry, the cabinet approved the agreement between the governments of Pakistan and Ecuador, under which diplomatic, officials and special passport holders of both countries would be mutually exempted from visa.

Earlier this year, the State Bank of Pakistan approved the renaming of Summit Bank Limited to Bank Makarma Limited.

The change was followed by the acquisition of a controlling stake in Summit Bank by prominent Emirati investor Nasser Abdulla Hussain Lootah.

Lootah subscribed to 3.98 billion new shares of the bank at Rs2.51 per share in April which translates into a subscription amount of Rs10 billion, giving him a majority equity stake.