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==History==
==History==
On February 1, 1999, Jahangir Siddiqui Investment Bank Limited (JSIBL), formerly Citicorp Investment Bank Limited was acquired by Jahangir Siddiqui & Co. Ltd. (JSCL).<ref>http://www.js.com/wp-content/uploads/2013/03/AnnualReport2006.pdf</ref>


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.
Citicorp Investment Bank Limited (Pakistan) was acquired by Jahangir Siddiqui & Co. Ltd. (JSCL) in 1999 and renamed as Jahangir Siddiqui Investment Bank Limited (JSIBL). In 2005, JSIBL and its holding company, JSCL, entered into a Framework Agreement with the American Express Bank Limited, New York (AMEX) for the acquisition of its American Express Bank Limited (AEBL) Pakistan Operations.
⚫
This led to the formation of JS Bank Limited (JSBL) which after approval from State Bank of Pakistan, merged the branches of the American Express Bank in Pakistan to commence the functions of the newly established bank.


'''Acquisition of HSBC Pakistan:'''
⚫
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.

JS Bank Ltd on Tuesday signed a sale and purchase agreement with HSBC Bank Middle East Limited for the acquisition of HSBC-Pakistan operations.<ref name="DAWN.COM 2012">{{cite web | title=JS Bank signs deal with HSBC | website=DAWN.COM | date=2012-09-12 | url=http://www.dawn.com/news/748812 | access-date=2018-12-11}}</ref> This agreement fell through in 2013 as some of the preconditions laid down in the sale purchase agreement could not be fulfilled within the time period agreed between the parties.<ref name="The News International 2013">{{cite web | title=JS Bank-HSBC Pakistan deal falls through - thenews.com.pk | website=The News International | date=2013-10-24 | url=https://www.thenews.com.pk/archive/print/462398-js-bank-hsbc-pakistan-deal-falls-through | access-date=2018-12-11}}</ref>

Transparency International (Pakistan) objected to JS Bank’s purchase of the Pakistan-based operations of the HSBC Bank by writing a letter to the Governor of the Bank of England. After an inductive trial, the District Court of Berlin adjourned the court, ruling the decision in favor of the JS Bank.<ref name="The News International 2013">{{cite web | title=JS Bank wins injunction against Transparency in Germany - thenews.com.pk | website=The News International | date=2013-12-20 | url=https://www.thenews.com.pk/archive/print/635014-js-bank-wins-injunction-against-transparency-in-germany | access-date=2018-12-11}}</ref>

In 2015, JS Bank was listed as a partner to the U.S. Agency for International Development (USAID) program for the development and growth of small and medium-sized enterprises (SMEs).<ref name="Penh 2015">{{cite web | last=Penh | first=Borany | title=Eyeing Business Growth in Pakistan: The New U.S.-Pakistan Partnership for Access to Credit | website=HuffPost | date=2015-03-13 | url=https://www.huffingtonpost.com/borany-penh/eyeing-business-growth-in_b_6865186.html | access-date=2018-12-11}}</ref>


==Corporate banking==
==Corporate banking==

Revision as of 12:10, 26 December 2018

JS Bank
Company typePublic
IndustryBanking, Finance, Investment Banking
Founded2007
FounderJahangir Siddiqui
HeadquartersKarachi
Key people
Basir Shamsie – Chief Executive Officer (CEO)

Kamran Jaffar – Deputy Chief Executive Officer Yousuf Amanullah – Chief Financial Officer

Imran H. Shaikh – Chief of Staff
ServicesConsumer Banking, Corporate Banking, Investment Banking, Investment Management, Finance and Insurance, Asset Management, Loans and Financial Products
RevenuePKR 756.2 million (September 30, 2018)
Number of employees
5000+
WebsiteOfficial website

JS Bank Bank is a commercial bank offering a range of consumer, corporate and other banking services. It is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd.[1] Headquartered in Karachi, JS Bank has a network of 323 branches in 161 cities including an international branch in Manama, Bahrain.[2] In May 2018, Basir Shamsie was appointed as the CEO and President of the JS Bank after the resignation of Khalid Imran, the Bank's former CEO and President.[3]

JS Bank was formed after the merger of Jahangir Siddiqui Investment Bank Limited (JISBL) and American Express Bank Limited (Pakistan Branch) on December 30, 2006.[4]

File:JSBank-Lahore.jpg
JSBank-Lahore

JS Bank is distributed into five main business units: Corporate Banking, Wealth Management, Treasury, Investment Banking, and Retail Banking. To date, the Q3 financial reports from September 2018 reveal that the Bank's profits (after tax payment) stood at PKR 756.2 million, while the deposits aggregated to PKR 310.3 billion.[5]

Apart from its core banking services, JS Bank has entered into mutual collaborative programs with other organizations including the agricultural,[6] education,[7] automotive,[8] manufacturing, entrepreneurial development[9] and energy [10] sector for offering of low cost financing under the Prime Minister Youth Business Loan (PMYBL) program.[11]

History

Citicorp Investment Bank Limited (Pakistan) was acquired by Jahangir Siddiqui & Co. Ltd. (JSCL) in 1999 and renamed as Jahangir Siddiqui Investment Bank Limited (JSIBL). In 2005, JSIBL and its holding company, JSCL, entered into a Framework Agreement with the American Express Bank Limited, New York (AMEX) for the acquisition of its American Express Bank Limited (AEBL) Pakistan Operations. This led to the formation of JS Bank Limited (JSBL) which after approval from State Bank of Pakistan, merged the branches of the American Express Bank in Pakistan to commence the functions of the newly established bank.

Acquisition of HSBC Pakistan:

JS Bank Ltd on Tuesday signed a sale and purchase agreement with HSBC Bank Middle East Limited for the acquisition of HSBC-Pakistan operations.[12] This agreement fell through in 2013 as some of the preconditions laid down in the sale purchase agreement could not be fulfilled within the time period agreed between the parties.[13]

Transparency International (Pakistan) objected to JS Bank’s purchase of the Pakistan-based operations of the HSBC Bank by writing a letter to the Governor of the Bank of England. After an inductive trial, the District Court of Berlin adjourned the court, ruling the decision in favor of the JS Bank.[13]

In 2015, JS Bank was listed as a partner to the U.S. Agency for International Development (USAID) program for the development and growth of small and medium-sized enterprises (SMEs).[14]

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[15]

Financial information

Mergers and acquisitions

Acquisition of HSBC Pakistan

In 2013, HSBC Bank Middle East Ltd. Was acquired by JS Bank Ltd.[16] 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.[17][18]

Achievements

In January, 2018 JS Bank signed an agreement for E-challan and payment system with Islamabad Traffic Police (ITP)[19] 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.[20]

See also

References

  1. ^ "JS Bank Limited receives a License from the CBB". Central Bank of Bahrain. 2018-05-10. Retrieved 2018-12-11.
  2. ^ Hussain, Arshad (2018-09-07). "JS Bank focusing on corporate, mortgage financing, says CEO". Pakistan Today Profits. Retrieved 2018-12-11.
  3. ^ Bhatti, Eleazar (2018-05-15). "Basir Shamsie to helm JS Bank as President and CEO". Pakistan Today Profits. Retrieved 2018-12-11.
  4. ^ "Annual Report 2016" (PDF). sbp.org.pk. 2016-12-31. Retrieved 2018-12-11.
  5. ^ "JS Bank Condensed Interim Financial Statements for the Nine Months Period Ended" (PDF). 2018-09-30. Retrieved 2018-12-11.
  6. ^ Release, Press (2018-03-31). "Engro Foods inks MOU with JS Bank". The Express Tribune. Retrieved 2018-12-11.
  7. ^ PR (2018-10-31). "Pakistan". thenews.com.pk. Retrieved 2018-12-11.
  8. ^ "Financial giant JS Bank partners with Al-Haj FAW motors". Global Village Space. 2018-07-16. Retrieved 2018-12-11.
  9. ^ Release, Press (2017-12-28). "Careem and JS Bank Create 1000 Entrepreneurs!". ProPakistani. Retrieved 2018-12-11.
  10. ^ Kenning, Tom (2018-06-05). "Pakistani bank partners Nizam Energy on commercial solar financing". PV Tech. Retrieved 2018-12-11.
  11. ^ "Prime Minister Youth Program". Prime Minister Youth Program. Retrieved 2018-12-11.
  12. ^ "JS Bank signs deal with HSBC". DAWN.COM. 2012-09-12. Retrieved 2018-12-11.
  13. ^ a b "JS Bank-HSBC Pakistan deal falls through - thenews.com.pk". The News International. 2013-10-24. Retrieved 2018-12-11. Cite error: The named reference "The News International 2013" was defined multiple times with different content (see the help page).
  14. ^ Penh, Borany (2015-03-13). "Eyeing Business Growth in Pakistan: The New U.S.-Pakistan Partnership for Access to Credit". HuffPost. Retrieved 2018-12-11.
  15. ^ "Wealth Management". JSBL. Retrieved 14 July 2018.
  16. ^ Mirza, Javed (24 October 2013). "JS Bank-HSBC Pakistan deal falls through". The News International. Retrieved 14 July 2018.
  17. ^ NASDAQ
  18. ^ "HSBC Bank Middle East to Sell Banking Business In Pakistan To JS Bank". The Wall Street Journal. 10 September 2012. Retrieved 14 July 2018. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help)
  19. ^ "Islamabad Traffic Police". ITP. Retrieved 14 July 2018.
  20. ^ "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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