Wednesday, September 12, 2012

JS Bank announces acquisition of HSBC Pakistan

JS Bank has announced acquisition of HSBC Pakistan operations. The bank is rated as A+ (Single A Plus) by Pakistan Credit Rating Agency (PACRA) and is listed on the Karachi Stock Exchange, is a majority-owned subsidiary of Jahangir Siddiqui & Co. Ltd. and currently operates 153 branches in 82 cities with a total asset base of Rs64.53 billion as of June 30.

 JSBL’s interest in HSBC’s Pakistan operation has to do with HSBC’s strong footprint in the consumer banking, something which JSBL lacks, as well as a potential enhancement of the bank’s tier 1 capital.

Turkey's Isbank was looking into buying HSBC's Pakistan branches
Turkish lender Isbank bid to buy Europe's biggest bank HSBC's branches in Pakistan has failed. Now there are rumors that they will fight for Citibank Consumer Division from country's biggest banks including Pakistan's largest HBL, Faysal Bank, NIB (Subsidiary of Temasek Singapore) and Bank Alfalah (of Abu Dhabi group).

First China and Now Turkey 
After Chinese banks long trying to get into Pakistan’s banking industry and facing stiff competition from UAE’s Abu Dhabi Group (UBL Omni) and British funded Norwegian banking service EasyPaisa. Its the Turkish Isbank eyeing Pakistan's most successful Citibank Consumer Division. This will be a major development in Pakistan’s banking and financial sector and it will add another Pakistan-friendly nation into Pakistan’s financial sector.

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