JS Bank Limited (JSBL) (Urdu: جے ایس بینک) is a Pakistani commercial bank headquartered in Karachi. It operates as a subsidiary of Jahangir Siddiqui & Co. Limited (JSCL), a financial conglomerate in Pakistan The bank was established in April 2007 as a result of the merger of two banks, Jahangir Siddiqui Investment Bank Limited and American Express Bank. JS Bank Limited currently operates branches across Pakistan, as well as an international branch in Manama, Bahrain.[2]
The Pakistan Credit Rating Agency Limited (PACRA) maintains the long-term entity rating of JS Bank Limited (JSBL) to ‘AA-(Double A Minus). Meanwhile, short-term entity rating is maintained at ‘A1+’ (A One Plus).[3]
History
JS Bank origins began with the acquisition of Citicorp Investment Bank Limited by Jahangir Siddiqui & Co. Limited on 1 February 1999 to form Jahangir Siddiqui Investment Bank Limited (JSIBL). JSIBL had a 60% stake in Citicorp giving it ownership of the organization and its operations in Pakistan. In 2007, JSIBL and American Express Bank Limited - Pakistan operations were merged, resulting in the formation of the JS Bank. Jahangir Siddiqui & Co. maintained majority shares in the new company.[4]
JS Bank operates as a subsidiary of Jahangir Siddiqui & Co. Limited, and its shares are listed on the Pakistan Stock Exchange (PSX).[5]
In 2016, JS Bank opened its first branch outside of Pakistan in Bahrain.[6][7] In 2020, the bank rapidly grew its network and reached the PKR 400 billion deposit mark.[8][9]
JS Bank holds the largest share in the disbursement of the Rozgar Refinance Scheme, amounting to PKR 10.8 billion as per State Bank of Pakistan policy.[10]
The bank has expanded its network, reaching 293 branches across Pakistan by 2024,[11] with its first international branch established in Manama, Bahrain, in 2016. Financially, the bank's deposit base grew from PKR 486.3 billion in December 2023 to over PKR 500 billion (US$ 1.79 billion) by March 2024.[12]
Role in Economic Initiatives
JS Bank has participated in several government and regulatory initiatives to address economic challenges, promote sustainable development, and support entrepreneurship in Pakistan. During the COVID-19 pandemic, the bank contributed to the State Bank of Pakistan's Rozgar Refinance Scheme launched by the State Bank of Pakistan (SBP) in 2020. Under this program, JS Bank approved loans that helped cover salaries for over 41,000 employees, ranking among the top-performing banks in the scheme. The bank also participated in the Prime Minister Youth Business and Agriculture Loan (PMYB&AL) Program and collaborated with Careem to finance vehicles, creating over 1,000 entrepreneurial opportunities within six months.
In 2019, JS Bank became the first commercial bank in Pakistan accredited by the Green Climate Fund (GCF) to support climate-resilient projects. The bank partnered with Karandaaz Pakistan on a PKR 1 billion initiative to enhance financial inclusion and support Small and Medium Enterprises (SMEs). In collaboration with the United Nations Development Programme (UNDP), JS Bank signed a Memorandum of Understanding under the Kamyab Jawan - Youth Empowerment Programme to promote micro-entrepreneurial growth among youth in Khyber Pakhtunkhwa and Sindh.
Products and services
JS Bank products include personal banking including current accounts, savings accounts, mortgages, loans, lockers, credit cards, debit cards, and digital banking.[13] Under the umbrella of business financing, the bank provides Corporate Banking, Commercial Banking, Investment Banking, Trade and SME services.[13]
Operations
JS Bank's digital transformation initiatives include the launch of Zindigi, a mobile application targeting millennials and Gen Z users with features like nano loans, stock trading, and investment tools.[14][15][16][17][18] JS Bank participates in the State Bank of Pakistan’s Roshan Digital Account initiative, allowing non-resident Pakistanis to open bank accounts digitally.[19][20][21] In 2023, JS Bank acquired BankIslami while maintaining separate operations.[22][23][24]
Sustainability and social responsibility
JS Bank is the first Pakistani bank accredited by the Green Climate Fund[25][26][27] and has financed the Pakistan Distributed Solar Project while solarizing its branch network.[28][29] The bank supports the Khud Mukhtar Program, empowering women entrepreneurs.[30]
Awards and recognition
JS Bank has received several awards for digital banking, CSR, and sustainability. These include:[31][32]
Recognized for focus on small and medium enterprises
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.[50]
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