Karachi, August 23, 2023. JS Bank has announced the successful acquisition of an additional 67.33% stake in BankIslami Pakistan Limited, a move that solidified its position as one of Pakistan's fastest- growing financial institutions. The acquisition was executed through a series of agreements with existing shareholders and a public offer, taking JS Bank’s total shareholding to 75.12% in BankIslami Pakistan Limited, effectively making BankIslami a subsidiary of JS Bank and an integral part of the JS Group.
This acquisition is a strategic milestone for JS Bank, aligning with its commitment to broaden its product offerings and meet the diverse needs of its customer base, especially those seeking Islamic Banking and Shariah-compliant services & solutions. The acquisition was finalized after an extensive process of due diligence, securing regulatory approvals, and aligning the strategic objectives between the two Banks.
Basir Shamsie, President & CEO of JS Bank, expressed his enthusiasm about the acquisition: "This is a significant milestone that promises to better meet the needs of our valued customers and enhance the offerings of both Banks. Both teams are excited to embark on this new chapter, and create more customer-centric financial institutions."
JS Group is one of the founding investors in BankIslami, and both institutions have enjoyed a longstanding relationship.
Both JS Bank and BankIslami will continue to operate as separate and independent organizations. While BankIslami will continue to uphold its strong roots in Islamic Banking, JS Bank will stay true to its trajectory of growth in conventional banking especially in the area of consumer lending space. Both entities will continue to leverage their respective strengths to develop and deliver best-in-class products and services to their customers.