KARACHI: The board of directors of JS Bank Limited has approved establishment of a Currency Exchange Company with an initial paid-up capital of Rs 700 million as a wholly owned subsidiary of the Bank, subject to obtaining approvals from the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan and compliance with all other laws and regulations applicable in this regard.

Subject to approval of the shareholders of the Bank, an investment of Rs 606 million (Rs 467 million in the form of transfer of Bank owned properties and Rs 138 million through cash contribution) in the Real Estate Investment Trust (REIT) which will be managed by JS Investments Limited, a subsidiary of the Bank, material information sent to Pakistan Stock Exchange on Wednesday said.

Copyright Business Recorder, 2024