Manama: The Central Bank of Bahrain (CBB) has granted a wholesale banking license to JS Bank, to open a branch in the kingdom.
The license will allows the bank to expand its activities as wholesale bank from Bahrain, said a statement.
The proposed branch is expected to contribute in strengthening the relationship with the Middle East and North Africa (Mena) region and to engage with existing and potential investors, it said.
Special focus will be given to regional corporates with commercial ties in Pakistan, Pakistani expatriates (non-resident), other Pakistani banks who do not 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, said the statement.
It was formed in 1999 under the name of Jahangir Siddiqui Investment Bank Limited when Jahangir Siddiqui & Co acquired Citicorp Investment Bank (Pakistan). In 2006, the bank merged its commercial banking operations with American Express Bank., Pakistan under the name of JS Bank Limited.
Ahmed Al-Bassam, director of Licensing and Policy said the Central Bank of Bahrain welcomes ‘JS Bank Limited’ decision to open its new branch in Bahrain.
The bank’s existence in Bahrain shall, positively reflect on its business and will help in strengthening the commercial and financial relationship between the Mena region and Pakistan, he said.
The number of licensed wholesale Pakistani banks has reached eight banks in Bahrain, all of which serve their clients in Mena region, the statement said.
“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,” Al-Bassam added.
Khalid Imran, president JS Bank said that it is an important occasion for JS Bank to have its first overseas presence in Bahrain.
The takes pride in its commitment and professionalism and will ensure to augment the historical business and trade relations between Bahrain and Pakistan, he added. – TradeArabia News Service