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.
