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Pakistan Bankers

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Merger of AEB with JS Bank

The State Bank of Pakistan has sanctioned the scheme of amalgamation under which the American Express Bank’s commercial banking business in Pakistan with all its assets and liabilities as well as the Jahangir Siddiqui Investment Bank Limited’s investment banking business with all its assets and liabilities will be merged with and into JS Bank Limited.

After acquiring American Express, the JS Bank will become a scheduled bank. The Jahangir Siddiqui Group already has stakes in Bank Islami.
Built over four decades, the Jahangir Siddiqui Group is one of Pakistan’s most diversified and progressive financial services groups. The JS Group has grown from its roots in Pakistan’s financial services industry. The JS Group also includes five vertical businesses: JS Industrial, JS Infocom, JS Property, JS Resources and JS Transportation.

JS Financial is the oldest business of the JS Group and remains at its core.  JS Financial operates market-leading companies in Asset Management, Investment Banking, Commercial Banking, Islamic Banking, Securities Brokerage, Insurance and Trade Finance. Jahangir Siddiqui & Co. Ltd. (JS&Co) is one of the largest investment firms in Pakistan and a diversified financial services company. It is Pakistan’s only non-banking company to be a primary dealer in Pakistan government securities and was Pakistan’s first securities firm with a Wall Street pedigree through its joint venture with Bear Stearns & Co. It issued Pakistan’s 10-year corporate bond. Jahangir Siddiqui Capital Markets Limited (JSCM) is active in Equity, Fixed Income and Foreign Exchange Brokerage; Fixed Income and Money Market Sales; Equity Sales and Investment Advisory; Corporate Finance Advisory and Research. Jahangir Siddiqui Investment Bank Limited (JSIB) offers a range of financial products and services to its clients, including one-month to five-year maturity Certificates of Deposit; Short and Long-term Lending; underwriting, Private Placements and Loan Syndications and Portfolio Trading Services. JS Group controls JS ABAMCO (formerly, ABAMCO Ltd), an asset management company, in joint venture with AMVESCAP plc and the International Finance Corporation (IFC). JS ABAMCO manages over USD 450 million in assets through five open-end funds and five closed-end funds. JS Group is the second-largest shareholder in EFU which comprises EFU General:  Pakistan’s second-largest general insurance company; EFU Life Assurance:  Pakistan’s largest private sector life assurance company; Allianz-EFU Health:  Pakistan’s only specialized health insurer. JS Group launched Bank Islami in 2006 to address the growing demand for Sharia-compliant banking services in Pakistan.  Bank Islami was launched in partnership with Dubai Bank and the Randeree family, principals of the DCD Group. JS Group also owns Al Mal Corporation which managed two listed modarabas: Modaraba Al-Mali and Modaraba Al-Tijarah.

Posted By: Jamal Abdul Nasir Daudpota On: 12/8/2006

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