Islamabad, Aug 28: In a duly called meeting on August 27, 2024, the Board of Directors of JS Bank Limited (PSX: JSBL) approved the creation of a currency exchange firm with an initial paid-up capital of Rs. 700 million.
Subject to receiving permission from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and compliance with all other applicable rules and regulations, the firm will be a wholly owned subsidiary of the Bank.
Additionally, the bank approved a Rs. 606 million investment in the Real Estate Investment Trust (REIT), which will be run by JS Investments Limited, consisting of PKR 138 million in cash contributions and PKR 467 million in the transfer of bank-owned properties,a division of the Bank, contingent upon shareholder approval.
In addition, the board approved the appointment of Saad Ali Bhimjee and Basir Shamsie as interim executive directors and non-executive directors, respectively, to cover the casual vacancies on the bank’s board of directors, effective August 27, 2024, pending SBP approval of their Fit & Proper Test (FPT) clearance. A division of Jahangir Siddiqui & Co. Ltd. (JSCL) is JSBL. Commercial banking and associated services are its areas of business.
