The Central Bank of Bahrain (CBB) has granted Pakistan’s JS Bank a wholesale banking license to open a branch in the country.
The license will allow the bank to expand its activities as wholesale bank from Bahrain, CBB said in a statement.?
With this approval, the count of licensed wholesale Pakistani banks in Bahrain has reached to eight, all of which serve their clients in MENA region.
In this context, CBB director of licensing & policy Ahmed Al-Bassam 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 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 new branch in Bahrain will be first branch outside Pakistan for JS Bank, which is regulated by the State Bank of Pakistan as a commercial bank.
JS Bank was created under the name of Jahangir Siddiqui Investment Bank following Jahangir Siddiqui’s acquisition of Citicorp Investment Bank (Pakistan). The bank merged its commercial banking business with American Express Bank, Pakistan in 2006 under the name of JS Bank.