SBP gives green sig­nal to JS Bank for global oper­a­tions

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

JS Bank has planned to com­mence its global op­er­a­tion in the com­ing months with the es­tab­lish­ment of its first branch in Bahrain fol­low­ing green sig­nal by State Bank of Pak­istan (SBP) and Cen­tral Bank of Bahrain (CBB). Ac­cord­ing to of­fi­cials, JS Bank was granted a li­cence of whole­sale bank­ing branch by cen­tral banks of Pak­istan and Bahrain to set a branch in King­dom of Bahrain in its one of the ma­jor cities.

The branch is likely to com­mence its oper­a­tions by the end of 2015 or by the start of 2016 as the man­age­ment is ag­gres­sively work­ing on its first branch in over­seas coun­try be­sides 238 lo­cal branches. The pro­posed branch is ex­pected to con­trib­ute in strength­en­ing the re­la­tion­ship with the MENA Re­gion and to en­gage with ex­ist­ing and po­ten­tial in­vestors; spe­cial fo­cus will be given to re­gional cor­po­rates with com­mer­cial Ties in Pak­istan, Pak­istani ex­pa­tri­ates (non-res­i­dent), other Pak­istani Banks who don't have over­seas branch pres­ence, and Gov­ern­ment of Pak­istan en­ti­ties.

Bahrain is con­sid­ered as fi­nan­cial hub in the MENA re­gion as the num­ber of li­censed whole­sale Pak­istani banks has reached eight banks in this coun­try in­clud­ing two of HBL, three of UBL, one of MCB Bank and one of Bank Al­falah and Na­tional Bank of Pak­istan. Be­sides there are Branches called as Busi­ness Units of Pak­istani banks in­clud­ing Askrai Bank, Bank Al-Habib, Habib Bank and Bank Al­falah Manama and Muhar­raq.

There are nearly 100,000 Pak­ista­nis are work­ing in Bahrain em­ployed in all walks of life in Pak­istan in­clud­ing highly skilled pro­fes­sions like se­cu­rity and de­fence ser­vices. This in­ten­sive pres­ence of Pak­istani banks in Bahrain un­doubt­edly will re­flect pos­i­tively on the bank­ing busi­ness and will en­hance the his­tor­i­cal trade re­la­tions be­tween Bahrain and Pak­istan. Ear­lier this year, Prime Min­is­ter Nawaz Sharif met Bahrain PM Shaikh Khal­ifa bin Sal­man Al-Khal­ifa for boost­ing mu­tual eco­nomic re­la­tions be­tween the two coun­tries which cur­rently stands at US $ 200 mil­lion.

In 2014, the King of Bahrain, King Shaikh Ha­mad bin Isa Al Khal­ifa ac­com­pa­nied by a high­level del­e­ga­tion in­clud­ing mem­bers of the cab­i­net, gov­ern­ment of­fi­cials and im­por­tant busi­ness­men met fed­eral cab­i­net in­clud­ing PM.

This was the first visit of King of Bahrain in last four decades with im­mense im­por­tance be­tween the re­la­tion­ships of two coun­tries.

si­t­u­ated

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