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 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.
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