Pakistan’s largest Investment Banking firm to acquire EFG Hermes?

ISLAMABAD: In a notice to the Pakistan Stock exchange, on Tuesday, JS Global Capital Limited (JSGCL) has announced “intention to acquire majority ordinary shares and control” of EFG Hermes Pakistan Limited. 

JSGCL is a subsidiary of JS Bank Limited. The company regards itself as the largest investment banking and broking firm of Pakistan. JS Bank has established itself as one of the most credible names in investment banking, especially in the last decade. JS, namely Jahangir Siddiqui and Co. first started in Pakistan as early as 1971.

The acquisition in question is subject to the requisite regulatory approvals from the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan (SECP). The announcement of an intention to acquire was made under section 96 of the Securities Act, 2015.

EFG Hermes, is a leading financial services corporation in the Middle East and Africa. The company inaugurated its office in Pakistan, making it the first foreign investment bank to directly enter the market since 2008 and the first foreign broker to have a local footprint in Pakistan. The firm acquired Pakistani brokerage Invest and Finance Securities Ltd. (IFSL), which has since operated as EFG Hermes Pakistan Limited.