JS Bank Limited Announces Strategic Investments and Board Changes

Karachi: In a recent board meeting on August 27, 2024, JS Bank Limited outlined significant corporate decisions including the establishment of a new subsidiary and strategic investments, following the guidelines of the Securities Act, 2015 and PSX Regulations.

The board of directors of JS Bank Limited, in compliance with Section 96 and Section 131 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations, approved several key initiatives during their meeting. These initiatives include the creation of a Currency Exchange Company as a wholly owned subsidiary with an initial paid-up capital of PKR 700 million. This move is contingent upon securing approvals from the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan, alongside adhering to all relevant legal frameworks.

Furthermore, subject to shareholder consent, the Bank plans to invest PKR 606 million in a Real Estate Investment Trust managed by JS Investments Limited, a subsidiary of the Bank. The investment will be funded through PKR 467 million worth of bank-owned properties and an additional PKR 138 million in cash contributions.

According to information available from the Pakistan Stock Exchange (PSX), the board also addressed changes within its own ranks. Mr. Saad Ali Bhimjee and Mr. Basir Shamsie were appointed as non-executive director and executive director, respectively. Their appointments are effective from August 27, 2024, pending clearance from the State Bank of Pakistan’s Fit and Proper Test.

These strategic decisions by JS Bank Limited are aimed at enhancing the Bank’s footprint in the financial services sector and diversifying its investment portfolio, reflecting a forward-looking approach to corporate governance and strategic growth.

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