On August 27, 2024, the Board of Directors of JS Bank Limited (PSX: JSBL) approved the creation of a currency exchange company with an initial paid-up capital of Rs. 700 million. This new entity will be a wholly owned subsidiary of JS Bank, pending approval from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and adherence to all relevant laws and regulations.
Additionally, the Board sanctioned an investment of Rs. 606 million in a Real Estate Investment Trust (REIT) managed by JS Investments Limited, a Bank subsidiary. This investment will be split into Rs. 467 million in the form of bank-owned properties and Rs. 138 million as a cash contribution, pending shareholder approval.
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The Board also approved the appointment of Saad Ali Bhimjee and Basir Shamsie as Non-Executive Director and Executive Director, respectively, to fill casual vacancies on the Bank’s Board effective August 27, 2024, subject to their Fit & Proper Test (FPT) clearance from the State Bank of Pakistan. JSBL is a subsidiary of Jahangir Siddiqui & Co. Ltd. (JSCL) and is involved in commercial banking and related services.
