fbpx
  • Region
    • Pakistan
    • UAE
    • Saudi Arabia
    • Qatar
    • Bahrain
    • Oman
    • Kuwait
  • About
  • Press Kit
  • Media Pack
  • Contact
CEO Times
No Result
View All Result
Thursday, September 28, 2023
31 °c
Lahore
32 ° Fri
32 ° Sat
31 ° Sun
32 ° Mon
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • Databank
  • CirclesJoin Now
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • Databank
  • CirclesJoin Now
CEO Times
No Result
View All Result

Home » Sector » Banking & Finance » JS Bank acquires major stake in BankIslami

JS Bank acquires major stake in BankIslami

6 September 2023
in Banking & Finance
Reading Time: 2 mins read
Basir Shamsie

JS Bank, one of Pakistan’s rapidly growing financial institutions, has successfully acquired an additional 67.33% stake in BankIslami Pakistan Limited, further solidifying its position in the country’s banking sector. Through a series of agreements with existing shareholders and a public offer, JS Bank has increased its total shareholding in BankIslami to 75.12%, effectively making BankIslami a subsidiary of JS Bank and an integral part of the JS Group.

This strategic acquisition represents a significant milestone for JS Bank and aligns with its commitment to expanding its product offerings to cater to the diverse needs of its customer base, particularly those seeking Islamic Banking and Shariah-compliant services and solutions. The acquisition was the result of a comprehensive process involving due diligence, regulatory approvals, and the alignment of strategic objectives between the two banks.

Basir Shamsie, President & CEO of JS Bank, expressed his enthusiasm about the acquisition, stating, “This is a significant milestone that promises to better meet the needs of our valued customers and enhance the offerings of both Banks. Both teams are excited to embark on this new chapter and create more customer-centric financial institutions.”

JS Group has been one of the founding investors in BankIslami, and both institutions have enjoyed a longstanding and mutually beneficial relationship. Both JS Bank and BankIslami will continue to operate as separate and independent organizations. While BankIslami will maintain its substantial presence in Islamic Banking, JS Bank will continue its growth trajectory in conventional banking, particularly in the consumer lending space. Both entities will leverage their respective strengths to develop and deliver best-in-class products and services to their customers.

Related Posts

Babak Sultani

Babak Sultani appointed as CEO of Neo Capital

13 September 2023
HSBC

HSBC appoints new Heads of Investment Banking & Head of Coverage in Saudi Arabia

4 September 2023
Ali al Mani

Alizz Islamic Bank appoints Ali al Mani as Chief Executive Officer

1 September 2023
Mohamed Hassan al-Emadi

QIIB appoints Mohamed Hassan Al-Emadi as Chief of Business Relations

31 August 2023
Next Post
PM Kakar with Huawei

Huawei Pakistan CEO discusses collaboration with PM Kakar

ADVERTISEMENT

Copyright © 2023 CEO Times (SMC-Private) Limited

  • Privacy Policy
  • Terms & Conditions
  • Sitemap
No Result
View All Result
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • About
  • Contact
  • Media Pack

Copyright © 2023 CEO TIMES (SMC-Private) Limited