JS Bank Limited
JS Bank continued to maintain its steady growth despite a challenging operating environment. With all divisions expanding their operations and delivering robust performances, JS Bank has moved one step ahead in developing a market niche for itself. All the products and services being offered by JS Bank have been tailored to suit the clients’ preferences, ensuring their complete satisfaction The Bank has a large branch network of 238 branches in 122 cities. This extensive network has been established within a short span of 8 years.
During 2012, JS Bank’s Treasury was rated by the State Bank of Pakistan as the No. 1 Primary Dealer of Pakistan. The Bank was also rated the No. 1 Primary Dealer of Pakistan in 2011. JS Bank is one of the 11 Primary Dealers in the country which act as underwriters and market makers for the secondary trading in Treasury Bills and Pakistan Investment Bonds. The Treasury also recorded a strong performance in its core Asset & Liability Management and Foreign Exchange activities, and efficiently capitalized on the interest rate volatility to earn handsome capital gains.
JS Bank Limited, incorporated in Pakistan, is a scheduled bank, engaged in commercial banking and related services. The Bank’s ordinary shares are listed on Pakistan Stock Exchange in Pakistan. The Bank is a subsidiary of Jahangir Siddiqui & Co. Ltd. The registered office of the Bank is situated at Shaheen Commercial Complex, Dr. Ziauddin Ahmed Road, Karachi. The Bank operates with 185 (December 31, 2011: 147) branches / sub-branches in Pakistan. The Pakistan Credit Rating Agency (Private) Limited (PACRA) has upgraded the longterm entity rating of JS Bank from “A” to “A+” (Single A Plus), while maintaining the short term rating at “A1” (A One).
Jahangir Siddiqui Investment Bank Limited (JSIBL, formerly Citicorp Investment Bank Limited which was acquired by Jahangir Siddiqui & Co. Ltd. (JSCL) on February 01, 1999) and its holding company, JSCL, entered into a Framework Agreement with American Express Bank Limited, New York (AMEX) on November 10, 2005 for acquisition of its American Express Bank Limited (AEBL) Pakistan Operations. Consequently, a new banking company, JS Bank Limited (JSBL) was incorporated on March 15, 2006 and a restricted Banking License was issued by the State Bank of Pakistan (SBP) on May 23, 2006.
A Transfer Agreement was executed on June 24, 2006 between JSIBL and JSBL for the transfer of entire business and undertaking of JSIBL to JSBL and a separate Transfer Agreement was also executed on June 24, 2006 between AMEX and JSBL for the transfer of AEBL’s commercial banking business in Pakistan with all assets and liabilities (other than certain excluded assets and liabilities) (AEBL business). The shareholders of JSIBL and JSBL in their respective extra- ordinary general meetings held on July 31, 2006 approved a Scheme of Amalgamation (the Scheme) under Section 48 of the Banking Companies Ordinance, 1962. The Scheme was approved by the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan on September 28, 2006 and December 02, 2006 respectively and, in accordance therewith, the effective date of amalgamation was fixed at December 30, 2006.