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JS Bank

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JS Bank
Company typePublic
PSX: JSBL
IndustryBanking and finance
Founded2007 (2007)
Headquarters1st Floor, Shaheen Commercial Complex, Dr. Ziauddin Ahmed Road, Karachi, Pakistan.
Area served
Pakistan
ServicesFinance and Insurance
Asset management
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Private Equity
Number of employees
2,082
WebsiteOfficial website

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently, operates 323 branches in 161 cities and 1 international branch in Manama, Bahrain with a total asset base of Rs.470.2 billion in 2017. JS Bank’s consolidated profits (after tax) for the quarter ended March 31, 2017, were Rs.410.5 million. [1][2]

JS Bank Limited operates in the Commercial banking sector. It is a scheduled bank engaged in commercial banking and related services. The activities of JS Bank are categorized into five business units. They are: Retail Banking, Wealth Management, Corporate Banking, Investment Banking and Treasury.[3]

History

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. It is a commercial bank and also has a Primary Dealer license for government securities from the State Bank of Pakistan. JS Bank Limited has been formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank Limited commenced operations in Pakistan as a fully scheduled bank on December 30, 2006.[4] In 1999, Jahangir Siddiqui Investment Bank Limited (JSIBL) was formed when Jahangir Siddiqui & Co. Ltd. acquired Citicorp Investment Bank (Pakistan) Limited.[5] JSIBL principally mobilizes funds through issuance of Certificates of Investment to individual investors, corporate clients, and financial institutions. Short-term financing was provided to corporate clients through these funds. The investment bank was also an active investor in equity, bond markets, and money markets through outright repo and reverse repo transactions. In 2006 the number of branches was 4, which increased to 9 in 2007. In 2008 the number increased to 39 and to 101 in 2009. In 2010, the number of branches were 129. Currently, JS Bank has 307 branches in 152 cities.

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[6]

Financial information

Acquisition of HSBC Pakistan

According to NASDAQ and Wall Street Journal, HSBC Bank Middle East Ltd. had entered into an agreement to sell its banking business in Pakistan to JS Bank Ltd. in 2012.[7][8] In 2013, the deal between JS Bank and HSBC Pakistan fell through.[9]

See also

References

  1. ^ http://www.jsbl.com/wp-content/uploads/2017/05/JS-Bank-First-Quarter-Report-March-31-2017.pdf
  2. ^ http://www.jsbl.com/international-branches/
  3. ^ "Archived copy". Archived from the original on 2012-01-03. Retrieved 2012-02-06. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link) JS Bank Official Website
  4. ^ http://www.pakrealestatetimes.com/showthread.php?tid=4225
  5. ^ http://findarticles.com/p/articles/mi_hb092/is_3_34/ai_n29024332/
  6. ^ "Archived copy". Archived from the original on 2012-05-02. Retrieved 2012-05-28. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  7. ^ NASDAQ http://www.nasdaq.com/article/hsbc-to-sell-its-business-in-pakistan-20120910-00884
  8. ^ https://online.wsj.com/article/BT-CO-20120910-708392.html
  9. ^ Mirza, Javed (October 24, 2013). "JS Bank-HSBC Pakistan deal falls through". The News International.
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