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Jahangir Siddiqui & Co.

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JS Group
Company typePrivate
IndustryFinancial services
Founded1971 (1971)
Headquarters7F, The Forum, Khayaban-e-Jami, Karachi, Pakistan
Area served
Pakistan
ServicesFinance and Insurance
Asset Management
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Private Equity
Number of employees
23,000
Websitewww.js.com

JS Group is a financial services group in Pakistan, founded in 1971 by Jahangir Siddiqui.[1] The company controls and operates financial services companies in Pakistan. Financial services of JS Group include asset management, commercial banking, company research, insurance, investment banking, Islamic banking, micro finance, and stock brokerage. JS Group also has investments throughout Pakistan's economy, in the industrial sector, technology and media sectors, commercial real estate, energy and natural resources. JS Group has its headquarters in Karachi.[2]

JS Group has six businesses: JS Industrial, JS Infocom, JS Property, JS Resources, JS Transportation and JS Financial.[3]

JS Financial

JS provides financial services in commercial banking, asset management, private equity, investment banking, securities brokerage, company research, insurance, Islamic banking and finance, and micro finance. Companies operated by JS financial are:

  • Jahangir Siddiqui & Co. Ltd. (JS&Co)
  • JS Global Capital Limited (JSGCL)
  • JS Bank Limited (JSBL)
  • JS Investments Limited
  • EFU Insurance Group
  • Bank Islami

Jahangir Siddiqui & Co. Ltd

Jahangir Siddiqui & Co. Ltd. was incorporated (under Companies Ordinance 1984) in 1991 as public unquoted company.[4][5] The Company is presently listed on Karachi Stock Exchange. The company is also a corporate member of Karachi Stock Exchange and Islamabad Stock Exchange. JS Group's principal activities are trading of securities, maintaining strategic investments, consultancy services, underwriting, etc. The company has a long term rating of AA (Double A) and short term rating of A1+ (A one plus) assigned to it by Pakistan Credit Rating Agency.[6][7] Jahangir Siddiqui & Co. Ltd. and its subsidiary companies are involved in trading of securities, maintaining strategic investments, investment advisory, brokerage, asset management, agency telecommunication, commercial banking, power generation and other businesses.[8] Jahangir Siddiqui & Co posted a profit (after tax) of Rs 2,352 million in 2012.[9]

JS Bank Limited

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently operates 185 branches in 101 cities with a total asset base of Rs 64.53 billion as of 30 June. It has a primary dealer license for government securities from the State Bank of Pakistan.[10] According to a press release, the long-term entity rating of JS Bank Limited (JSBL) has been promoted to ‘A+’ (Single a Plus) by Pakistan Credit Rating Agency (PACRA).[11] JS Bank was formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank Limited commenced operations in Pakistan as a fully scheduled bank on 30 December 2006.[12] JS Bank’s consolidated profits (after tax) for the year 2012 were Rs 819 million.

Bank Islami

Dubai Bank was one of the founding shareholders of Bank Islami which invested 18.75% in the total capital.[13][14] Bank Islami is the joint venture project of three groups namely Jahangir Siddiqui & Co. Pakistan, Randeree family, & Dubai Bank.[15] The State Bank of Pakistan issued a No Objection Certificate on 19 August 2004 and Bank Islami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on 18 October 2004 in Pakistan.[16]

JS Investments Limited

Founded in 1995, JS Investments Limited is a private sector asset management company in Pakistan. The company is listed on the Karachi Stock Exchange and is a part of JS Group.[17]

EFU Life

JS Group has holdings in EFU Life.

JS Industrial

  • Al Abbas Industries – Steel, Chemicals and Fiber Board
  • Al Abbas Sugar Mills – Sugar and Ethanol
  • Pakistan International Container Terminals (PICT)

JS Property

JS Property is a holding company of JS Group. It invests in real estate projects.[18]

JS Transportation

JS Transportation has, to date, focussed on the aviation business within Pakistan. JS Aviation was another division of the group set up in 2005. The company offered charter services in Pakistan under the name JS Air, using a small fleet of propeller driven Beech aircraft with a maximum capacity of about 20 passengers.

Acquisition of HSBC Pakistan

JS Bank is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently operates 160 branches in 85 cities with a total asset base of Rs 64.53 billion as of 30 June. The bank is likely to buy out HSBC Bank Middle East Ltd’s Pakistan branches and their assets. According to NASDAQ and Wall Street Journal, HSBC Bank Middle East Ltd. has entered into an agreement to sell its banking business in Pakistan to JS Bank Ltd[19][20] HSBC Pakistan has over Rs 46 billion in deposits with 10 branches nationwide. HSBC Pakistan has sustainable growth with PKR 971 million profit during the year 2011. According to local newspaper, acquisition of HSBC Pakistan is expected to help JS Group maintain its efforts to build the brand of a stable, high-quality financial institution.[21]

Public relations and awards

The State Bank of Pakistan recently, 2nd year in a row has declared JS Bank as the number 1 primary dealer of government securities for the year 2011–12. [22] In 2011, JS Bank was ranked by State Bank of Pakistan for being the No 1 primary dealer.[23] In 2011, JS Bank organised the first ever day and night women T-20 tournament in Pakistan which was a roaring success.[24] In 2009, JS Private Equity was among 49 companies to receive an award at the 6th Annual Environment Excellence Awards, organised by National Forum for Environment and Health (NFEH).[25]

Partnerships

JS Group has formed partnerships with international organisations and brands to develop new businesses in Pakistan. Examples of JS Group partnerships in Pakistan include:

See also

References

  1. ^ Alam, Kazim. "JS Group: the empire built by selling the family car". The Express Tribune. Retrieved 2 February 2014.
  2. ^ "JS Group : JS Group: Pakistan Financial Services". Js.com. Retrieved 2 December 2011.
  3. ^ JS Group : About JS Group. Js.com.
  4. ^ Non-Banking Finance Companies | Accountancy Education Article. Accountancy.com.pk.
  5. ^ Jahangir Siddique & Company Limited – Annual Reports. PakSearch.com.
  6. ^ The Pakistan Credit Rating Agency Limited. PACRA.
  7. ^ http://www.js.com/uploads/JSCLHalfYearlyReportDecember312011.pdf
  8. ^ http://www.js.com/uploads/JSCL1stQtrReport30Sep2011.pdf
  9. ^ Annual Report: http://www.js.com/uploads/JSCLAnnualReport2012.pdf
  10. ^ JS Bank declared No 1 PDs. The Nation (6 July 2012).
  11. ^ Pacra upgrades JS Bank ratings. The Nation (30 June 2012).
  12. ^ JS Bank Limited | Pakistan | Company Profile. Securities.com (30 December 2006).
  13. ^ Brand Management (BRAND AUDIT) BankIslami. Scribd.com.
  14. ^ Corporation, Nexus. (6 February 2012) JS Group: Financial Business Unit. Jahangir-siddiquigroup.blogspot.com.
  15. ^ About Us. BankIslami.
  16. ^ Bank Islami Pakistan Limited | Pakistan | Company Profile. Securities.com.
  17. ^ JS Investments announces Total Payout of over Rs. 1.2 billion in Open End Funds for FY11 – Press Release Pakistan. Pressrelease.pk.
  18. ^ "JS Group : Real Estate Industry in Pakistan – JS Property – JS Group". Js.com. Retrieved 2 December 2011.
  19. ^ NASDAQ http://www.nasdaq.com/article/hsbc-to-sell-its-business-in-pakistan-20120910-00884
  20. ^ HSBC Bank Middle East to Sell Banking Business In Pakistan To JS Bank – WSJ.com. Online.wsj.com (10 September 2012).
  21. ^ Express Tribune| http://tribune.com.pk/story/435028/the-crown-jewels-js-bank-to-buy-out-hsbcs-pakistan-operations/
  22. ^ ePaper. The Nation (19 July 2012).
  23. ^ http://www.sbp.org.pk/press/2011/PrimaryDealers-28-Jun-11.pdf
  24. ^ JS Banks womens T20 tournament. The Nation (29 June 2011).
  25. ^ 49 companies awarded on best environment performance. – Free Online Library. Thefreelibrary.com.
  26. ^ "JS Group : Partnerships". Js.com. Retrieved 2 December 2011.
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