JS Bank has been granted a wholesale banking license by the Central Bank of Bahrain (CBB) for branch operations in Bahrain.
This will be the JS Bank's first branch outside Pakistan and in addition to building upon the existing relationship with the Middle East and North Africa Region (MENA) region; the branch will facilitate business for regional corporates, expatriates, Government of Pakistan organizations and any Pakistani banks that do not have a presence in the region. Commenting on this expansion Khalid Imran, President, JS Bank said, "This is an important milestone for JS Bank. Bahrain has always been a strategic hub for financial institutions and our presence there will contribute towards further strengthening financial ties and enhancing trade and business".
The Bank has grown from strength to strength since inception and its financials; credit ratings along with the highly experienced team are a true testament to its stability and ability to achieve its long term goals.
Mr. Ahmed Al-Bassam, Director of Licensing & Policy, Bahrain, welcomed JS Bank's decision to open a branch in Bahrain and was confident that this addition to the Bank's network would have a positive effect on the relationship between Pakistan and the MENA region.
JS Bank is committed to supporting economic growth in the country and is one of the fastest growing banks in Pakistan. JS Bank, in operations since December 2006, operates a network of 238 branches in 122 cities nationwide at the end-Dec14 and has been listed on the Karachi Stock Exchange since 2007. JS Bank has been assigned a rating of A1+ / A+ by Pakistan Credit Rating Agency Limited (PACRA). The bank has four core areas of service: retail and consumer banking, treasury, corporate and commercial banking and investment banking.