Business News : After successfully having strong footing within Pakistan with 278 branches across 138 cities, JS bank is set to conquer globally as well. JS Bank has officially opened its first international branch office in Manama, Kingdom of Bahrain and has eyes set on the wider Middle East and North Africa (MENA) region for expansion as well.
CBB Director of Licensing and Policy, Ahmed Al Bassam welcomed JS Bank’s new level of presence in the GCC market, saying, “The growing number of Pakistani banks with branches in Bahrain is a positive reflection of the attractiveness of the Kingdom’s banking sector, and builds upon historic trade relations between the two countries. We welcome this positive trend and look forward to working closely with JS Bank in the years ahead”.
JS Bank is the 8th Pakistani wholesale bank in Bahrain and will serve regional businesses with interests in Pakistan, non-resident Pakistani expatriates, other Pakistani banks without overseas branches, and Pakistani government entities. Its service offerings include trade finance, treasury, institutional banking, corporate banking, and private banking & wealth management.
The branch was envisioned and opened in light of being awarded a wholesale conventional banking license to JS Bank by the Central Bank of Bahrain (CBB) last year.
JS Bank Chairman, Jahangir Siddiqui was jubilant on the occasion and expressed his joy saying, “The GCC was already an important market for us which we now seek to develop further through a physical presence here. In addition to having two banking hubs in Bahrain and Dubai, the region also has a sizeable Pakistani expatriate community, including many running their own businesses, who have a strong need for our services.”
He further commented that the ties between the GCC and Pakistan, both economic and diplomatic, date back decades, and JS Group is committed to helping to further strengthen this relationship, while also serving the business community.
JS Bank President, Khalid Imran added that the Bahrain branch would deliver the same high standard of services and products that the Bank is known for within its home market and acknowledged that the opening of the Bahrain branch is an important milestone.
To oversee and ensure quality Waqar Ul Islam has been appointed as Executive Vice President and General Manager of the Bahrain branch. He has an impressive portfolio and is an accomplished international banker with more than 38 years of professional experience in London, the Cayman Islands, Luxembourg, the UAE and Bahrain, he has a strong track record in soliciting and developing new business from financial Institutions in Europe, MENA and South East Asia / E Pakistan News.