JS Bank

JS Bank Limited (JSBL) (جے ایس بینک لمیٹڈ) is a Pakistani commercial bank and is based in Karachi, Pakistan. JS Bank is a prominent, majority-owned subsidiary of Jahangir Siddiqui Group, with total revenue of around 562 million as of December 2018. JS Bank Limited currently owns branches across the country as well as an International branch in Manama, Bahrain. It was established in 2007 as a result of the merger of two mega corporates (Jahangir Siddiqui Investment Bank Limited and American Express Bank Limited - Pakistan operations.

JSBank-Lahore
JS Bank
TypePublic
IndustryBanking, Finance, Investment Banking
Founded2007
FounderJahangir Siddiqui
HeadquartersKarachi, Pakistan
Key people
Basir Shamsie – Chief Executive Officer (CEO)

Kamran Jafar – Deputy Chief Executive Officer Yousuf Amanullah – Chief Financial Officer

Imran H. Shaikh – Chief of Staff
ServicesConsumer Banking, Corporate Banking, Investment Banking, Investment Management, Finance and Insurance, Asset Management, Loans and Financial Products
RevenuePKR 562 million (December-31-2018)
ParentJahangir Siddiqui & Co.
Websitejsbl.com

History

The establishment of JS Bank began with the acquisition of Citicorp Investment Bank Limited by Jahangir Siddiqui & Co. Limited on the 1st of February 1999. This organization was known as Jahangir Siddiqui Investment Bank Limited (JSIBL). JSIBL had a 60% stake in Citicorp giving it ownership of the organization and its operations in Pakistan.[1]

Corporate social responsibility

JS Bank was accredited by the Green Climate Fund[2] in 2019 and became the first Pakistani financial institution to gain this accreditation. GCF is a global initiative to promote effective response to climate change through the help of ‘Accredited Entities’ around the world.

Milestones
  • JS Bank has been rapidly growing their networks and recently reached Rs. 400 billion deposit mark. Their goal is to reach the status of one of the largest SMEs banks and mortgage providers in Pakistan.
  • They have won the Asiamoney Awards 2020 for being ‘Best Bank for SMEs’ and ‘Best Bank for CSR.
  • JS Bank holds the largest share in disbursement of Rozgar Refinance Scheme amounting to Rs10.8 billion as per State Bank of Pakistan policy.[3]

Penalty imposed by the State Bank of Pakistan

In September 2019, the State Bank of Pakistan imposed penalties on a number of local institutions including JS Bank for deficiencies in customer due-diligence. The bank’s departments where discrepancies were pointed out included asset quality, corporate governance and AML/KYC. The bank was also advised timelines to enhance its processes for identification of Politically Expose Persons, customer risk profiling and transaction monitoring.[4]

References
  1. "JSBL stock market profile".
  2. "JS Bank accredited by the Green Climate Fund".
  3. "JS Bank leads in Rozgar schemed". The Express Tribune. 2020-07-09. Retrieved 2020-07-24.
  4. "SBP Imposes Rs805m Monetary Fines On Banks".
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