JS Bank

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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 277 branches in 138 cities with a total asset base of Rs 112 billion in 2014.[1] JS Bank’s consolidated profits (after tax) for the year 2014 were Rs 1,060 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 277 branches in 138 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:

  • Bancassurance
  • Mutual Funds[7]

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 [8]
  • Consolidated profits for 2014 (after tax): Rs 1,060 million.[9]

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.

JS Bank receives multiple awards at CSR Summit and Awards 2016

For the 4th year in a row, JS Bank was recognized in the category of Social Impact for the overall positive work done in collaboration with Mahvash & Jahangir Siddiqui Foundation. These have been done through its community programs in the areas of health, education, and sustainable development and relief efforts nationwide. Also recognized at the event was JS Bank CEO and President, Mr. Khalid Imran for his support.

JS Bank has successfully converted 100 branches to Solar Power

Pioneering innovative solutions JS Bank successfully converted 100 of its branches to solar energy, powering all computers, servers; ATM and teller by solar energy. The first of these was the Dhoraji branch Karachi in 2013.The bank continues this initiative in an effort to assist the country battle its ongoing energy crisis.

Mahvash and Jahangir Siddiqui Art Gallery inaugurated at the Alliance Francaise Karachi

JS Group, under its charitable arm Mahvash & Jahangir Siddiqui Foundation inaugurated an Art Gallery at the Alliance Française, Karachi to promote Art and Culture within Pakistan. They expressed interest to continue supporting initiatives and the private sector contribution towards the betterment of the country through art.

Best Corporate Campaign Award

JS Bank won the award for the Best Corporate Campaignat a ceremony organized by Alliance Française, Karachi. The award was presented for JS Bank’s ‘Bharna Hai Aagey’ campaign. The campaign encompasses growth in all aspects and is also a prayer for the country and its future generations.

Temenos'T24 R14 implemented

JS Bank has upgraded its core banking system to Temenos’ T24 R14. The bank has moved all of the operations at its head office and branches to the latest R14 version of Temenos’ flagship core platform. The bank has been using T24 for nearly a decade.

  • TEDX Lums Conference "Badal do Sach (Changing Mindsets) on April 4, 2015 in Lahore.
  • "Management Conversations Day" Conference on April 4, 2015 in Karachi.
  • ICAP CFO Conference “Sustaining Excellence – Shifting Gears” on March 17 and 19, 2015 in Karachi and Islamabad.
  • International Media Conference on May 1, 2015 in Karachi
  • Raysham Award Ceremony and Cultural Evening on May 25, 2015 in Islamabad
  • JS Bank and JS Global sponsored a national seminar on Peace, Security & Governance in Karachi.
  • 13th Management Accountants International Conference themed “Responsible Leadership for Sustainable Economy” in Bhurban, Murree.
  • Responsible Leadership for Sustainable Economy - Institute of Cost and Management Accounts of Pakistan (ICMA) conference held in Bhurban, Murree on 11th November, 2015.
  • 7th Pakistan Open Golf Championship at Defence Authority Country & Golf Club, 300 professional and amateur golfers participated from all over the country.

See also

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  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. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ http://www.jsbl.com/wealth_management.php?t=wm
  8. ↑ http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C586CSR10 Corporate Information Website
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  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. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  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

  • Annual Report 2011 [1]
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