JS Bank

JS Bank
Public
Traded as PSX: JSBL
Industry Banking, Finance, Investment Banking
Founded 2007 (2007)
Founder Jahangir Siddiqui
Headquarters Karachi
Area served
 Pakistan
Key people
 Basir Shamsie -and Chief Executive Officer – (CEO), Kamran Jaffar - Deputy Chief Executive Officer, Yousuf Amanullah - Chief Financial Officer, Imran H. Shaikh - Chief of Staff
Services Consumer Banking, Corporate Banking, Investment Banking, Investment Management, Finance and Insurance, Asset Management, Loans and Financial Products
Number of employees
 5000+
Website Official website

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd.

History

On February 1, 1999, Jahangir Siddiqui Investment Bank Limited (JSIBL), formerly Citicorp Investment Bank Limited was acquired by Jahangir Siddiqui & Co. Ltd. (JSCL).[1]

On November 10, 2005, JSIBL and its holding company, JSCL, entered into a Framework Agreement with the American Express Bank Limited, New York (AMEX) for acquisition of its American Express Bank Limited (AEBL) Pakistan Operations.

Subsequently, on March 15, 2006, a new banking company, JS Bank Limited (JSBL) was incorporated. In December 2006, the branches of the American Express Bank in Pakistan were acquired and merged with JSIBL to commence the functions of the newly established bank.

Corporate banking

Corporate banking work includes Treasury, asset management, corporate finance, Brokerage Services as well as Islamic Banking for shariah-compliant banking.

Wealth management

As part of JSBL Wealth Management Services, JSBL product lines are divided into the following:

  • Bancassurance
  • Mutual Funds[2]

Financial information

Mergers and acquisitions

Acquisition of HSBC Pakistan

In 2013, HSBC Bank Middle East Ltd. Was acquired by JS Bank Ltd.[3] According to NASDAQ and Wall Street Journal, HSBC Bank Middle East Ltd. had entered into an agreement to sell its banking business to JS Bank Ltd. in 2012.[4][5]

Achievements

In January, 2018 JS Bank signed an agreement for E-challan and payment system with Islamabad Traffic Police (ITP)[6] in Islamabad capital precinct. Mr Khurram Shaikh who is Group Head Digital For JS Bank expressed his views by saying the partnership with Islamabad Traffic Police and NBP is a very interesting opportunity and will bring positive change for the people of Pakistan.[7]

See also

References

  1. ↑ http://www.js.com/wp-content/uploads/2013/03/AnnualReport2006.pdf
  2. ↑ "Wealth Management". JSBL. Retrieved 14 July 2018.
  3. ↑ Mirza, Javed (24 October 2013). "JS Bank-HSBC Pakistan deal falls through". The News International. Retrieved 14 July 2018.
  4. ↑ NASDAQ
  5. ↑ "HSBC Bank Middle East to Sell Banking Business In Pakistan To JS Bank". The Wall Street Journal. 10 September 2012. Retrieved 14 July 2018. (Subscription required (help)).
  6. ↑ "Islamabad Traffic Police". ITP. Retrieved 14 July 2018.
  7. ↑ "Islamabad Traffic Police to Start Issuing E-Challans After Agreement with NBP" (Press release). Pro Pakistani. 8 January 2018. Retrieved 14 July 2018.
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