JS Bank to launch currency exchange company with Rs700m capital

MG News | August 28, 2024 at 02:33 PM GMT+05:00

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August 28, 2024 (MLN): The Board of Directors of JS Bank Limited (PSX: JSBL) in its meeting held today has approved the establishment of a currency exchange company with an initial paid-up capital of Rs700 million as a wholly owned subsidiary of the bank.

The establishment is subject to obtaining approval from the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP) and compliance with all other laws and regulations applicable in this regard.

Moreover, the board has authorized an investment of Rs606m (Rs467m in the form of transfer of Bank owned properties and Rs138m through cash contribution) in the Real Estate Investment Trust (REIT) which will be managed by JS Investments Limited, a subsidiary of the Bank.

Additionally, the board has approved the appointment of Saad All Bhimjee as a Non-Executive Director and Basir Shamsie as an Executive Director to fill the casual vacancies on the Bank’s Board of Directors, effective August 27, pending their Fit & Proper Test (FPT) clearance from SBP.

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