JS Bank Limited receives a License from the Central Bank of Bahrain

Manama, Bahrain - 15 July 2015

The Central Bank of Bahrain ("CBB") has granted a wholesale banking license to JS Bank Limited, to open a branch in Bahrain. The license allows the bank to expand its activities as wholesale bank from Kingdom of Bahrain.
The proposed branch is expected to contribute in strengthening the relationship with the MENA Region and to engage with existing and potential investors; special focus will be given to regional corporates with commercial Ties in Pakistan, Pakistani expatriates (non-resident), other Pakistani Banks who don't have overseas branch presence, and Government of Pakistan entities.

The Bahrain office will be will be the first branch outside Pakistan. The bank is regulated by the State Bank of Pakistan as a Commercial Bank. It was formed in 1999 under the name of Jahangir Siddiqui Investment Bank Limited when Jahangir Siddiqui & Co. Ltd. acquired Citicorp Investment Bank (Pakistan) Limited. In 2006, the bank merged its commercial banking operations with American Express Bank Ltd., Pakistan under the name of JS Bank Limited.

In this context, Mr. Ahmed Al-Bassam, Director of Licensing & Policy said the Central Bank of Bahrain welcomes "JS Bank Limited" decision to open its new branch in Bahrain for its unique position as a financial hub in the region. He further added that the bank existence in Bahrain shall, positively reflect on the Bank's business and will help in strengthening the commercial and financial relationship between the MENA region and Pakistan".

The number of licensed wholesale Pakistani banks has reached eight banks in Bahrain, all of which serve their clients in MENA region. "This intensive presence of Pakistani banks in Bahrain undoubtedly will reflect positively on the banking business and will enhance the historical trade relations between Bahrain and Pakistan" he added.

Mr. Khalid Imran, President JS Bank said that it is an important occasion for JS Bank to have its first overseas presence in Bahrain. He said that, Bahrain has historically been a very strategic and an important hub for financial institutions and JS Bank is committed to contribute substantially towards enhancement and consolidation of financial ties between Pakistan and Bahrain.

He added that JS Bank takes pride in its commitment & professionalism and will ensure to augment the historical business and trade relations between Bahrain and Pakistan.

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Central Bank of Bahrain (CBB)
Contact: External Communications Unit
Tel: +973 17547357/17547360
E-mail: media@cbb.gov.bh
Website: www.cbb.gov.bh