The Board of Directors of JS Bank Limited (PSX: JSBL) has approved the establishment of a new currency exchange company with an initial paid-up capital of Rs. 700 million, according to a notice filed to the Pakistan Stock Exchange (PSX).
This decision was made during a duly convened meeting held on August 27, 2024. The proposed entity will operate as a wholly owned subsidiary of JS Bank, pending necessary approvals from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and compliance with all relevant laws and regulations.
Additionally, the board has sanctioned an investment of Rs. 606 million in a Real Estate Investment Trust (REIT). This investment includes Rs. 467 million through the transfer of bank-owned properties and Rs. 138 million in cash. The REIT will be managed by JS Investments Limited, a subsidiary of JS Bank, and is subject to shareholder approval.
In further board decisions, Saad Ali Bhimjee and Basir Shamsie have been appointed as Non-Executive Director and Executive Director, respectively, to fill casual vacancies on the Board of Directors. These appointments are effective from August 27, 2024, contingent upon their clearance from the Fit & Proper Test (FPT) by the State Bank of Pakistan.
JS Bank Limited, a subsidiary of Jahangir Siddiqui & Co. Ltd. (JSCL), is engaged in commercial banking and related services.
