One of Pakistan’s fastest-growing financial institutions, JS Bank has announced the successful acquisition of an additional 67.33% stake in BankIslami Pakistan Limited.
Through a series of agreements with existing shareholders and a public offering, the acquisition was carried out, increasing JS Bank’s total shareholding in BankIslami Pakistan Limited to 75.12%, effectively converting BankIslami into a subsidiary of JS Bank and a crucial component of the JS Group.
This acquisition represents a strategic turning point for JS Bank and is in line with its commitment to increase the variety of products it offers and cater to the needs of all of its clients, particularly those who are looking for Islamic Banking and Shariah-compliant services and solutions.
After a protracted process of regulatory approvals, due diligence, and coordinating the strategic goals of the two Banks, the acquisition was finally completed.
The acquisition is a significant milestone that promises to better serve the needs of our cherished customers and improve the offerings of both Banks, said Basir Shamsie, President & CEO of JS Bank. Both teams are eager to start this new chapter and develop financial institutions that put customers first.
One of the original investors in BankIslami is JS Group, and the two organisations have a long history of cooperation.
JS Bank and BankIslami will both carry on as distinct, independent businesses. While BankIslami will continue to uphold its solid Islamic banking foundation, JS Bank will stick to its path of expansion in traditional banking, particularly in the consumer lending sector.
Both organisations will keep building on their individual strengths to create and provide customers with top-tier goods and services.
