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 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:

Financial information

Acquisition of HSBC Pakistan

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 2012 [10][11] In 2013, the deal between JS Bank and HSBC Pakistan fell through.[12]

Awards and achievements

Primary Dealer 2010-11 and 2011-2012

JS Bank Limited won the first award for the primary dealer for Financial Year 2010-11.[13]

The State Bank of Pakistan, 2nd year in a row then 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).[14]

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.[15][16]

8th National CSR Excellence Awards Ceremony, 2015

JS Bank was recognized for its commendable CSR efforts and awarded in the category of “Collaborations and Partnership.”

Entity Rating PACRA

PACRA has assigned the Bank long term rating of “AA-” (Double A Minus) and short term rating of “A1+” (A One Plus). These ratings denote a low expectation of credit risk while the capacity for timely payment of financial commitments is considered strong.

JS Bank goes international - granted branch license in Bahrain

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, 2016

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 Campaign at 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.

JS Bank supports Honorable Governor of State Bank Pakistan

JS Bank supported an informal meeting with Governor State Bank of Pakistan (SBP) Mr. Ashraf Mahmood Wathra. Investment opportunities in Pakistan were discussed and renowned people from various fields attended the Q&A session.

Award for Supporting Health Care Organizations

At the 2nd International Awards on Environment, Health and Safety ceremony organized by The Professionals Network, Karachi. an award was presented to JS Bank 2nd time in a row, for its tremendous efforts in the field of Environment, Health & Safety.

Multiple CSR awards at the 5th Corporate Social Responsibility Summit & Awards 2016

JS Bank received two awards in the categories of “Social Impact” and “CEO of the year”. The first award “Social Impact” category recognized the overall positive social impact that JS Bank initiatives have had through its community programs in the areas of health, education, sustainable development and relief efforts across the country. The second award “CEO of the year” recognized Mr. Khalid Imran, President JS Bank for his unwavering support and focus on the importance of corporate social responsibility.

JS Bank conducts its CSR activities through the charitable arm of JS Group, Mahvash & Jahangir Siddiqui Foundation.

USAID and Pakistani banks announce partnership to support clean energy growth

JS Bank is one of the five leading commercial banks selected by the USAID (US Agency for International Development) for a 15-year partnership that will provide 50 percent loan guarantees for clean energy projects. The US Consul General Karachi, Grace Shelton presided over the signing of this partnership agreement on Friday 30 September 2016. Through this agreement, approximately $88 million in financing would be available to support the development of the clean energy sector in Pakistan. Partner banks will be able to extend debt financing to smaller scale clean energy projects, developers, and companies or to households and businesses purchasing clean energy equipment. ,[17][18][19]

Sponsored Events

See also

References

  1. ↑ "Growing with Strength: Annual Report 2014" (PDF). JSBL.
  2. ↑ "Growing with Strength: Annual Report 2014" (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 2014" (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 2014" (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. ↑ http://www.sbp.org.pk/dmmd/2011/C9.htm State Bank of Pakistan Official Website
  14. ↑ http://www.nation.com.pk/E-Paper/karachi/2012-07-19/page-17 The Nation | July 19, 2012
  15. ↑ "JS Bank wins Brand of the Year Award". The News International. May 27, 2014.
  16. ↑ "JS Bank wins Brand Award". Daily Times. May 28, 2014.
  17. ↑ http://www.dawn.com/news/1287160/usaid-guarantees-88m-loans-for-clean-energy
  18. ↑ http://epaper.brecorder.com/2016/10/01/2-page/798864-news.html
  19. ↑ http://www.bexpress.com.pk/2016/10/clean-energy-us-cg-grace-shelton-presides-over-usaid-pak-banks-partnership-signing-ceremony/

External links

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