JS Bank

JS Bank
Public
Traded as KSE: JSBL
Industry Banking and finance
Founded 2007 (2007)
Headquarters 1st Floor, Shaheen Commercial Complex, Dr. Ziauddin Ahmed Road, Karachi, Pakistan.
Area served
 Pakistan
Services Finance and Insurance
Asset management
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Private Equity
Number of employees
 2,082
Website www.jsbl.com

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently operates 238 branches in 122 cities with a total asset base of Rs 112 billion in 2013.[1] JS Bank’s consolidated profits (after tax) for the year 2013 were Rs 351 million.[2] JS Group is a financial service group in Pakistan. JS Group has expanded its business in different sectors and has introduced JS Bank Limited with various standards of banking. 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 238 branches in 122 cities.[6]

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:

Financial information

JS Bank to acquire HSBC Pakistan

In 2012 JS Bank was to buy out HSBC Bank Middle East Ltd’s Pakistan branches and their assets. 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.[10][11] In 2013, the deal between JS Bank and HSBC Pakistan fell through.[12]

Awards and achievements

At the prestigious 8th National CSR Excellence Awards Ceremony on April 3rd, 2015, JS Bank was recognized for its commendable Corporate Social Responsibility efforts and awarded in the category of “Collaborations and Partnership.”Js Bank’s CSR efforts impact the country in the areas of health, education, sustainable development and relief efforts.

Js Bank and EFU Life Insurance entered into a distribution alliance for EFU Life’s Window Family Takaful Products under a dedicated brand “ Hemayah.” The signing ceremony was held at Js Bank’s Head Office in Karachi and attended by Mr. Khalid Imran, President & CEO, JS Bank and Mr. Taher G. Sachak, CEO & MD EFU Life on May 11th, 2015.

Brand of the Year Award 2013

For the year 2013, JS Bank was awarded "Brand of the Year" in the category "Online Internet Banking" by the Brands Foundation.[13][14]

Primary Dealer 2011-12

The State Bank of Pakistan recently, 2nd year in a row has declared JS Bank as the Number 1 Primary Dealer of Government Securities for the year 2011-12. JS Bank is one of only 11 State Bank of Pakistan appointed Primary Dealers authorized to participate in the auctions of Government of Pakistan securities consisting of Treasury Bills (T-Bills) and Pakistan Investment Bonds (PIBs).[15]

Primary Dealer 2010-11

JS Bank Limited won the first award for the primary dealer for Financial Year 2010-11.[16]

Entity Rating PACRA

PACRA Upgrades Ratings of JS Bank Limited. The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term entity rating of JS Bank Limited (JSBL) to ‘A+’ (Single A Plus).[17]

JS Bank goes international - granted branch license in Bahrain

February 3, 2016: JS Bank opened its first international branch in Manama, Kingdom of Bahrain and looks to strengthen its business in the GCC and eventually the wider Middle East and North Africa (MENA). The Central Bank of Bahrain (CBB) welcomed JS Bank’s presence in the Bahraini Markets. As the eighth licensed Pakistani wholesale bank in Bahrain, JS Bank will serve regional businesses with interests in Pakistan, non-resident Pakistani expatriates other Pakistani banks without overseas branches, and Pakistani government entities. Its service offerings include trade finance, treasury, institutional banking, corporate banking, and private banking & wealth management.

Sponsored Events

See also

References

  1. ↑ "Growing with Strength: Annual Report 2013" (PDF). JSBL.
  2. ↑ "Growing with Strength: Annual Report 2013" (PDF). JSBL.
  3. ↑ http://www.jsbl.com/about.php?t=a 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. ↑ "Growing with Strength: Annual Report 2013" (PDF). JSBL.
  7. ↑ http://www.jsbl.com/wealth_management.php?t=wm
  8. ↑ http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C586CSR10 Corporate Information Website
  9. ↑ "Growing with Strength: Annual Report 2013" (PDF). JSBL.
  10. ↑ NASDAQ http://www.nasdaq.com/article/hsbc-to-sell-its-business-in-pakistan-20120910-00884
  11. ↑ http://online.wsj.com/article/BT-CO-20120910-708392.html
  12. ↑ Mirza, Javed (October 24, 2013). "JS Bank-HSBC Pakistan deal falls through". The News International.
  13. ↑ "JS Bank wins Brand of the Year Award". The News International. May 27, 2014.
  14. ↑ "JS Bank wins Brand Award". Daily Times. May 28, 2014.
  15. ↑ http://www.nation.com.pk/E-Paper/karachi/2012-07-19/page-17 The Nation | July 19, 2012
  16. ↑ http://www.sbp.org.pk/dmmd/2011/C9.htm State Bank of Pakistan Official Website
  17. ↑ http://www.nation.com.pk/E-Paper/karachi/2012-06-30/page-17 The Nation | June 30, 2012

External links

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