Latest news with #SummitGroup
Nikkei Asia
02-08-2025
- Automotive
- Nikkei Asia
Toyota expands procurement of Chinese parts in Thailand
Toyota Motor looks to use more Chinese components in Thailand, the home of its biggest production hub in Southeast Asia. (Photo by Yuki Kohara) KENYA AKAMA BANGKOK -- Toyota Motor is expanding procurement of Chinese parts in Thailand, home to its largest Southeast Asian production hub, seeking less costly components to improve the competitiveness of a new electrified model scheduled for 2028. The Japanese automaker has begun full-fledged procurement of components made by Chinese companies in Thailand, sources say. It connected Thailand's Summit Group, a major supplier in the country, with China's Wuhu Yuefei Sound-absorbing New Materials. The two companies formed a joint venture in January and plan to build a Thai plant that produces parts for Toyota, a source said.
Fintech News ME
21-07-2025
- Business
- Fintech News ME
Founder Muhammed Aziz Khan Reflects on Summit Group's Multi-Decade Development
When Muhammed Aziz Khan established his first trading company in 1973, Bangladesh had been independent for less than two years. The nation's infrastructure remained largely undeveloped, and private sector involvement in critical industries like power generation was nonexistent. More than five decades later, Khan has built Summit Group into Bangladesh's largest independent power producer, having built an infrastructure conglomerate that spans electricity generation, telecommunications, ports, and liquefied natural gas operations. 'Bangladesh was newly born and there were no entrepreneurs,' Khan says. 'So I found a niche and I started the business.' Khan, now 71, recently completed a planned leadership transition within Summit Group, elevating his brothers to chairman roles across key subsidiaries while maintaining his position as founder chairman of the overall group. This transition marks a new chapter for the conglomerate that Khan built from identifying early opportunities in Bangladesh's emerging economy. From Trading to Infrastructure What began as a trading operation has evolved into a diversified infrastructure giant spanning power generation, telecommunications, ports, and logistics. Summit Power International now owns and operates 14 power plants with total capacity of 2,070 MW, making it Bangladesh's leading independent power producer and reflecting 18.05% of Bangladesh's total private installed capacity. The company also operates Bangladesh's second floating storage and regasification unit for liquefied natural gas imports with a capacity of 500 million cubic feet per day. Khan's entry into infrastructure came through necessity rather than grand design. 'There were no importers and exporters [at the time], and I moved on to infrastructure because the country needed infrastructure,' he says. The transition from trading to infrastructure development occurred in the mid-1990s when Bangladesh faced severe infrastructure deficits. Khan identified port-related facilities as a critical need and built the country's first inland container depot in 1995. This move established Summit Group's foothold in physical infrastructure development. However, the most significant challenge Khan encountered was Bangladesh's electricity crisis. 'The biggest problem was not having electricity,' he says. 'Maybe 20% of people had access to electricity in 1995,' he recalls. 'All developing countries suffer from lack of energy, both in human beings as well as in electricity,' Khan says. 'It was very important for Bangladesh to be able to employ its millions of people, and the employment could only come through industrialization. We had to move from agrarian society to industrial society and electricity is a fundamental requirement for that.' Summit Group established Bangladesh's first independent power plant in 1998, partnering with Finnish company Wärtsilä to deliver a 110-megawatt facility within nine months of contract signing. This project marked the beginning of private sector involvement in Bangladesh's power generation, a sector previously dominated by state-owned enterprises. Infrastructure Expansion The success of Summit Group's first power plant opened doors to larger infrastructure projects and international partnerships. Khan's approach centered on leveraging foreign technology and financing to deliver infrastructure that Bangladesh's domestic market couldn't provide alone. 'One of the most important things that defines us is the fact that we are a Singapore company based out of Singapore, owning assets in Bangladesh,' says Ayesha Khan, Summit Power International's CEO.' The company's 2016 restructuring, which established Summit Power International in Singapore proved transformational for Summit Group's growth trajectory. 'The IFC [International Finance Corporation] invested in Summit in 2016,' says Ayesha Khan. 'They invested in the Singapore structure, which helped us invest back into Bangladesh.' This restructuring enabled Summit Group to access lower-cost, longer-term financing from international markets. The company subsequently attracted major foreign investors, including Japan's JERA Co.,Inc., which acquired a 22% stake in Summit Power International in 2019. 'I am so humbled and so happy that we started with electricity, and today 100% people have electricity access to electricity in Bangladesh,' says Muhammed Aziz Khan. 'That Summit was part of it is the biggest satisfaction.' The company's diversification beyond power generation included telecommunications infrastructure, where Summit Communications developed over 47,000 kilometers of fiber-optic cables nationwide. In 2023, Summit Towers acquired 2,012 mobile phone towers from Banglalink for approximately $100 million, expanding its telecommunications infrastructure portfolio to over 6,500 towers across Bangladesh. Social Impact and Corporate Responsibility As the company has grown, Khan has emphasized Summit Group's commitment to social development, particularly in education. 'Equality comes through education,' he says. 'Education is the biggest enabler of equality in the world. Therefore, we focus on how to educate the people around the power plants or around any of our facilities.' The company builds schools near its power plants and facilities, then transfers ownership to local authorities. Through the Anjuman Aziz Charitable Trust, established by Khan and his family, Summit Group currently supports approximately 9,000 disadvantaged children in Bangladesh who otherwise wouldn't have access to education. Khan views corporate social responsibility as fundamental. 'The creation of wealth should not be only for personal gain and pleasure, but also for the improvement of humanity,' he says. 'And that's where the CSR comes in.' Sustainability and Regional Growth Summit Group is increasingly focusing on sustainability challenges and regional expansion opportunities. Khan sees artificial intelligence and climate change as two defining global trends that require coordinated responses. 'We need to harness artificial intelligence to contain emissions to bring about re-nurturing of Mother Earth,' he says. 'It's very intriguing and it is very challenging, but it is a must if this world is to continue to be a happier world from the previous centuries, as it has always been.' Summit Group announced plans in 2023 to invest in renewable energy projects across South Asia, including 1,000 megawatts of solar and wind generation in India and 700 megawatts of hydropower in Nepal and Bhutan. These cross-border projects would supply renewable electricity to Bangladesh, addressing the country's limited domestic renewable energy potential. The initiative aligns with broader regional energy integration efforts across South Asia. According to the Institute for Energy and Economics and Financial Analysis, Nepal possesses an economically feasible hydropower potential of around 40 gigawatts, yet has only harnessed 5% of this capacity. Bhutan's technically and commercially feasible hydropower potential stands at 23 gigawatts with less than 10% currently tapped. The Bangladesh government has embraced this integrated, sustainable approach through its Vision 2041 development plan, which aims to bring in 9 gigawatts of capacity from regional markets including India, Bhutan, and Nepal where renewable power potential is more abundant In October 2024, Bangladesh signed a trilateral agreement to import 40 megawatts of hydropower from Nepal via Indian territory, marking a significant milestone in regional energy cooperation. Muhammed Aziz Khan acknowledges Bangladesh's geographical constraints for renewable energy development. 'In the electricity space, Bangladesh has very little opportunity of producing green electricity within the country's 55,000 square miles,' he says. 'But just outside He remains optimistic about long-term prospects. His daughter Ayesha Khan now leads Summit Power International's daily operations, representing the next generation of family leadership. The company maintains its position as Bangladesh's largest independent power producer while pursuing regional expansion and renewable energy development across South Asia. 'And I'm humbled and very pleased to be part of that.'
Zawya
15-07-2025
- Business
- Zawya
Summit Group expands international service offering with acquisition of R&H Jersey
Summit Group, a provider of fiduciary, administrative and advisory services, has announced the acquisition of R&H Jersey, a well-established Jersey-based provider of trust, corporate and fund administration services. The acquisition marks a key step in Summit Group's growth strategy, reinforcing its presence in the Channel Islands and broadening its international service capabilities. Established in 1972, R&H Jersey is widely recognised as a highly reputable financial services firm with a strong track record in client service. Both businesses will benefit from increased scale and the complementary strengths created through this acquisition. Summit's recent growth is underpinned by a commitment to excellence, integrity, and long-term relationships. The acquisition also expands Summit Group's service offering to include R&H Jersey's expertise in fund administration and Jersey tax services, complementing its existing fiduciary and advisory solutions. With the addition of R&H Jersey, the Group will comprise a global team of over 370 professionals, with offices in Jersey, Guernsey, Switzerland, the UAE, the Cayman Islands, and the UK. The combined portfolio will encompass private wealth services, corporate services, fund administration, and support for Jersey and UK tax matters. Matt Claxton, CEO of Summit Group, said: 'I'm thrilled to welcome R&H Jersey into the Summit Group. The Channel Islands are a key pillar of our international strategy, and this acquisition reinforces our commitment to growth both regionally and globally. R&H Jersey shares our client-first ethos, strong cultural values and reputation for service excellence. Together, we will create a platform that supports our clients' evolving needs and unlocks exciting growth opportunities for our people.' Zaid Al Rawi, Chief Executive Officer at Sanctuary, said: 'This acquisition reflects Summit Group's continued investment in building a truly international platform that connects key financial centres, including the Middle East. The UAE is a rapidly growing hub for private wealth and corporate services, and the addition of R&H Jersey enhances our ability to support clients with multi-jurisdictional needs. We're proud to be expanding our capabilities in a way that directly benefits our clients in the region and beyond.' Jen Geddes, Managing Partner at R&H Jersey, added: 'Joining Summit Group allows us to combine our local expertise with Summit's international scale and resources. Importantly, our clients will continue to work with the same trusted team whilst benefiting from the broad suite of services and jurisdictional access that Summit has to offer. We are looking forward to working with the Summit team and excited for the future' The acquisition is subject to regulatory approval by the Jersey Financial Services Commission. For media inquiries, please contact katy@ About Summit Group Summit Group is a leading provider of high-quality trust and family office services, as well as bespoke fiduciary, administration and advisory services. The Group was formed in 2021 following the merger of Aquitaine in Guernsey and Summit Trust in Switzerland and Cayman. Since then, Summit has acquired Garfield Bennett Trust in Jersey and Sanctuary in the UAE, growing its international presence and capabilities. Summit Group is backed by Sovereign Capital Partners, which has supported the Group since 2020. About R&H Jersey R&H Jersey provides trust, corporate, fund and tax services to a diverse client base including corporates, high-net-worth individuals, families and asset managers. Established in 1972, the firm is widely recognised for its high standards and trusted client relationships. About Sovereign Capital Partners Sovereign is a specialist investor focused on partnering with talented management teams and high-quality businesses, in specific service-based sectors, to deliver accelerated growth both in the UK and internationally. We do this through our proven strategy of Buy & Build. Whether through organic growth, acquisition or a combination of both, we provide strategic investment and look for innovative ways to create not just value, but businesses we are truly proud of. Sovereign Capital Partners LLP is authorised and regulated by the Financial Conduct Authority.
Int'l Business Times
16-06-2025
- Business
- Int'l Business Times
The Summit Group, Inc.'s Mission: Unlocking Leadership Potential Through Discovery
The Summit Group, Inc. paves a different course in a business world saturated with leadership books, corporate training, and motivational catchphrases. It believes that transformational leadership isn't something an individual learns but something they discover within themselves. Hence, instead of delivering strategies in a prescriptive, one-size-fits-all format, this consultancy firm helps individuals and organizations uncover the hidden obstacles that hinder performance, collaboration, and innovation. Once they recognize those barriers, change begins. The Summit Group offers three primary services to unlock leaders' potential. First is leadership development , which is encapsulated by its Being a Leader and the Effective Exercise of Leadership course. Developed in collaboration with one of the top minds from renowned institutions, it aims to reframe leadership as something that arises from being . Participants don't memorize frameworks. Instead, they undergo a shift in who they are as leaders, making high performance a natural extension of their way of being. Another initiative revolves around elite team performance transformation. Here, executive teams are led through a process that frees them from past limitations and equips them to design unpredictable, high-impact futures. Executive and leadership coaching rounds out the service offering. It's tailored to help proven performers in new roles or those seeking major breakthroughs move beyond internal blocks, communicate powerfully, and lead teams that operate at their fullest potential. These comprehensive services capture the consultancy firm's unique philosophy. "We don't see our clients as broken or needing to be fixed. Rather, we know they possess the capacity to lead and excel. They just need to uncover what's in the way," says founder and president Lynn Giuliani Burke . Lynn Giuliani Burke One of the most pervasive of these hidden barriers is "limiting conversations," the subconscious narratives shaped by culture, media, upbringing, or organizational norms. These internal dialogues silently define what people believe is possible for themselves and others. For example, one such belief common among women in the business, often inherited from well-meaning predecessors in the women's movement, is that they're held back primarily by men. "We challenge such narratives. Sometimes, internalized beliefs may be the more insidious culprits. Recognizing these limiting thoughts for what they are is like finally spotting the boulder on a dark road. Once you see it, you're no longer doomed to crash into it," Burke states. This metaphor of the boulder encapsulates the firm's entire ethos. When leaders or teams continue to repeat unproductive behaviors, it's often because they're acting without awareness of the barriers ahead. The Summit Group helps illuminate those obstacles so clients can naturally take effective action. "They might go around the boulder, move it, or redesign the road altogether. What matters is that the action is of their own choosing," Burke adds. This unique approach stems from Burke's rise through the corporate ranks, which began in the shadow of the women's movement. However, unlike many of her peers, she entered the business without internalizing the narrative that women were inherently disadvantaged. She didn't view herself through the lens of gender-based limitation. As a result, Burke assumed several executive roles across major corporations. Most importantly, she wasn't trying to make a point or break a ceiling. She simply never believed the ceiling was there. Testimonials from clients echo a similar theme. The Summit Group didn't only teach them something. It helped them see something. Whether it was a senior executive realizing they had been operating from outdated assumptions or a manager discovering a new way to mobilize their team, the change was never imposed. It emerged from within. One participant called it a "transformational experience," explaining that for the first time, they saw themselves as the prime mover in their own life. Others commented on how the leadership course was different from anything they had taken before. The Summit Group, Inc. offers tools, vision, insight, and a path to transformation in a world hungry for leadership. Its work doesn't reside in the realm of theory or abstraction. It shows up in boardrooms where bold futures are now being charted, in teams that have found new levels of cohesion, and in leaders who have become more authentic.
Yahoo
05-06-2025
- Business
- Yahoo
Muhammed Aziz Khan Expands Educational Access for 10,000 Disadvantaged Children Through Charitable Trust
DHAKA, Bangladesh, June 4, 2025 /PRNewswire/ -- The Anjuman & Aziz Charitable Trust (AACT), founded by Summit Group Chairman Muhammed Aziz Khan and his wife Anjuman Aziz Khan, today announced the expansion of its educational initiatives to support nearly 10,000 disadvantaged children across Bangladesh. This significant scale-up reinforces the Trust's commitment to providing quality education to vulnerable children, particularly those affected by the COVID-19 pandemic. AACT's expanded program builds on its four-year partnership with UNICEF Bangladesh, established in 2022, which initially focused on helping 3,000 out-of-school children in Dhaka South City Corporation Zones 3, 4, and 5 re-enter education and catch up on lost learning. The Trust's comprehensive approach now encompasses multiple educational programs through strategic partnerships with leading organizations. "Every child is the future, if we want a future we must enable the child, that via education. Education is not only children's right, it's our survival," said Muhammed Aziz Khan, Founder and Chairman of Summit Group, and Founder and Trustee of AACT. "Our inspiration to support Dhaka South came from my deep roots in businesses which started in Dhaka's Chawk Bazar and Urdu Road." The expanded initiative includes continued support for Prothom Alo Trust's Alor Pathshala program, which currently operates seven schools in hard-to-reach areas such as Kurigram, Bhola, Naogaon, Teknaf, Bandarban, and two in Rajshahi. Since 2009, this program has educated more than 1,350 students aged 6-16 in remote regions, with 900 students having passed at least the 5th grade to date. AACT has also strengthened its partnership with the SEID-Summit Community Therapy School in Kamrangirchar, which provides essential services to 98 differently-abled children from low-income families. Since 2009, Summit Group has supported this school, offering specialized education and income-generating training like embroidery, batik, sewing, and cooking skills. Additionally, the Trust continues its support for the Jaago Foundation, which provides English-curriculum education to financially disadvantaged children. In 2021, when Jaago faced a funding crisis, Summit Corporation provided a matching fund for three years, enabling the organization to educate 4,500 students across 10 schools in 11 districts. "I am so delighted to see the good works of UNICEF and our other partners. Every child must be protected, every child must be educated, and they must be happy children to have a future," Muhammed Aziz Khan has stated regarding the Trust's educational mission. The Khans made history in 2022 as the first Bangladeshis to join the UNICEF International Council, a distinguished community of approximately 150 private philanthropists and global influencers who pool their funding and expertise to optimize investments for children worldwide. This expanded educational initiative further demonstrates their growing commitment to creating sustainable educational opportunities for Bangladesh's most vulnerable children. About Summit Group Founded in 1973 by Muhammed Aziz Khan, Summit Group is the largest infrastructure conglomerate in Bangladesh, employing over 6,000 people with investments across energy, ports, logistics, and information technology sectors. Summit Power International, incorporated in Singapore in 2016, is a leading infrastructure developer and operator in South Asia whose strategic partners include JERA, Mitsubishi Corporation, and GE. The group is committed to providing affordable, sustainable energy solutions while supporting corporate social responsibility initiatives in education, healthcare, and community development. About The Anjuman & Aziz Charitable Trust (AACT) Founded in 2020 by Muhammed Aziz Khan and his wife Anjuman Aziz Khan, The Anjuman & Aziz Charitable Trust focuses on providing quality education to disadvantaged children across Bangladesh. Through partnerships with UNICEF Bangladesh, Prothom Alo Trust, and other organizations, AACT currently supports educational initiatives for nearly 10,000 vulnerable children, including those in remote rural areas and differently-abled students. The Khans became the first Bangladeshis to join the UNICEF International Council in 2022. About Muhammed Aziz Khan Muhammed Aziz Khan, PBM, is the founder and Chairman of Summit Power International Limited and Summit Holdings Ltd. A Singapore citizen of Bangladeshi origin, he has led Summit Group from Bangladesh's first private sector power producer to a diversified infrastructure conglomerate. In 2024, Khan was appointed Chair of the UNICEF International Council, recognizing his longstanding commitment to education and child welfare. He received the Public Service Medal (COVID-19) and Pingat Bakti Masyarakat from Singapore's Prime Minister's Office in 2023 for his outstanding contributions during the pandemic. Mr. Khan holds an MBA from the Institute of Business Administration (IBA), University of Dhaka and serves as Honorary Consul General of Finland to Bangladesh (2016-2025). He is also the Chairman of Siraj Khaleda Trust, Anjuman & Aziz Charitable Trust (AACT), and serves on the Board of Trustees of the Asian University for Women (AUW). Contact: Media Contact: Mohsena HassanEmail: View original content to download multimedia: SOURCE Summit Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
