JS Bank to Set Up Exchange Company

The Board of Directors of JS Bank Limited (PSX: JSBL) in their duly convened meeting held on August 27, 2024 approved the establishment of a currency exchange company with an initial paid-up capital of Rs. 700 million. The entity will be a wholly owned subsidiary of the Bank, subject to obtaining approval from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan and compliance with all other laws and regulations applicable in this regard. The bank also approved an investment of Rs. 606 million (PKR 467 million in the form of transfer of Bank owned properties and PKR 138 million through cash contribution) in the Real Estate Investment Trust (REIT) which will be managed by JS Investments Limited, a subsidiary of the Bank, subject to the approval of the shareholders. The board further approved the appointment of Saad Ali Bhimjee and Basir Shamsie as replacement Non-Executive Director and Executive Director respectively to fill in the casual vacancies arising on the BOD of the Bank with effect from August 27, 2024 subject to their Fit & Proper Test (FPT) clearance from SBP. JSBL is a subsidiary company of Jahangir Siddiqui & Co. Ltd. (JSCL). It is engaged in commercial banking and related services.