JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently operates 211 branches in 112 cities with a total asset base of Rs 112 billion in 2013. JS Bank's consolidated profits (after tax) for the year 2013 were Rs 351 million. 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.
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. In 1999, Jahangir Siddiqui Investment Bank Limited (JSIBL) was formed when Jahangir Siddiqui & Co. Ltd. acquired Citicorp Investment Bank (Pakistan) Limited. 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 211 branches in 112 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
Financial information
- Ticker: JSBL
- Country: PAKISTAN
- Exchanges: KAR
- Major Industry: Banks
- Sub Industry: Commercial Banks
- 2012 Sales: 8,232,382,000
- Employees: 2,082
- Currency: Pakistan Rupees
- Market cap: 6,381,162,359
- Fiscal Year Ends: December
- Shares Outstanding: 1,072,464,262
- Share Type: Ordinary
- Closely Held Shares: 686,436,924
- Consolidated profits for 2013 (after tax): Rs 351 million.
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. In 2013, the deal between JS Bank and HSBC Pakistan fell through.
Awards and achievements
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.
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).
Primary Dealer 2010-11
JS Bank Limited won the first award for the primary dealer for Financial Year 2010-11.
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).
See also
- Mahvash & Jahangir Siddiqui Foundation
- JS Group
References
External links
- Annual Report 2011 [1]
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