JS Bank Limited, one of Pakistan’s fastest growing banks, is planning to open 80 new conventional and sub branches in the year 2009, which will bring their total footprint to 119 branches in over 30 cities across Pakistan.

The announcement comes on the heels of JS Bank completing its targets for 2008 by opening 39 branches across 13 cities of Pakistan. With the successful completion of their 2008 branch expansion targets, JS Bank had applied for a significant number of new licenses with the SBP, which have now been reportedly approved by the regulatory authorities.

Commenting on the subject of the bank’s aggressive expansion plans in 2009, Naveed Qazi, President and CEO, JS Bank stated, “The SBP has been a very proactive regulator who keeps the interests of bank customers supreme. It is an honour for us that the SBP has been very forthcoming in its support for JS Bank opening such a large number of branches. The new branches will not only treble the size of JS Bank’s network across Pakistan but will also increase our outreach to newer places and more customers. It is also a statement of confidence that the SBP has in upcoming banks like JS Bank, which is a very encouraging sign for the growth of the banking industry.

Our branch team has performed immensely well to ensure that we fulfilled all our last year’s network expansion commitments to the SBP and we hope to do the same this year as well”.

Speaking on the subject, Majid Hamid, Group Head – Retail Banking, JS Bank, stated, “The SBP allowing us to open 80 branches is a great statement of trust and a huge opportunity for JS Bank to increase its outreach to customers across Pakistan. This is in line with our vision of going beyond developed urban markets to service customers even in smaller cities and towns. We have a number of exciting initiatives in line with SBP directives to bring more customers to the banking mainstream and will use the opportunity provided through this branch expansion to bring world class banking services to a number of new markets and customers across Pakistan”.

The Pakistan Credit Rating Agency (PACRA) has maintained the asset manager rating of JS Investments Limited (JSIL) at’AM2+’. This is the highest rating among all asset management companies in Pakistan.

The rating reflects JSIL’s leading position in the asset management industry as reflected by the size and diversity of its asset under management (AUM), successful track record, relatively superior systems and processes, qualified and experienced management and association with the leading JS Group.

The performance and liquidity profile of the company’s funds, mainly income funds, have remained strong during the current crisis. Although current challenges in the operating environment have impeded growth prospects for the overall asset management industry, the company, on the back of its robust business strategy, including strategic partnerships with strong banks in Pakistan, is better placed to face these challenges.

JS Bank signed a Memorandum of Understanding with TRG, The Resource Group, Pakistan’s largest Call Center service provider.

This agreement will enable JS Bank to launch its contact center operations, enabling customers to conduct a variety of banking operations without stepping into branches thereby giving them convenience, accessibility and prompt service through TRG’s integrated technology solutions.

Naveed Qazi, President and Chief Executive Officer – JS Bank and Nadeem Elahi, Country Manager, TRG Pakistan inked the accord. Mr Qazi said the launch of the customer call center initiative would act as a cornerstone in efforts of standing out from competition through service excellence.