The Board of Directors of JS Bank Limited has approved the establishment of a Currency Exchange Company with an initial paid-up capital of PKR 700 million, to operate as a wholly owned subsidiary of the bank.Â
This decision, made during a meeting on August 27, 2024, is contingent upon obtaining necessary approvals from the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan, along with compliance with all relevant laws and regulations.
In addition, the board approved an investment of PKR 606 million in a Real Estate Investment Trust (REIT) to be managed by JS Investments Limited, a subsidiary of the bank. This investment, subject to shareholder approval, includes PKR 467 million in bank-owned properties and PKR 138 million in cash contribution.
The board also announced the appointment of Mr. Saad Ali Bhimjee as Non-Executive Director and Mr. Basir Shamsie as Executive Director, filling casual vacancies on the board. These appointments are subject to clearance of the Fit & Proper Test (FPT) by the State Bank of Pakistan.
