JS Bank, JSIL sign distribution agreement
9 September 2009
JS Bank has signed a landmark distribution agreement with JS Investments Limited (JSIL), the leading asset management company of the country.
Under the agreement, the market leading mutual funds of JSIL will be available at select JS Bank branches at high traffic locations across Pakistan.
The distribution agreement was signed by Ather Ahmed - Chief Operating Officer (COO), JSIL and Majid Hamid - Group Head Retail Banking, JS Bank. Other senior members of the management teams of both organizations were also present at the occasion.
Speaking at the signing ceremony, Najam Ali - CEO, JSIL said, "We are delighted at the signing of this agreement as this partnership between JSIL and JS Bank has the potential for great synergies in the future. JS Bank is currently one of the fastest growing banks in the country and partnering with them provides us better access to our broad customer base across the country, along with opening new avenues to reach a wide range of customer segments".
Majid Hamid - Group Head Retail Banking, JS Bank said, "JS Bank has been pursuing an extremely aggressive expansion plan which includes incremental growth in our branch network, ADC deployment and above all the broadening of our product suite. The goal is to provide our customers with more services in more locations across the country and this strategy has held us in good stead. Our alliance with JSIL is critical to us as it gives us a great avenue to further enrich our existing customer relationships and the opportunity to engage new customers by providing them the very best of asset management products available from the leading company in the market today."
The teams of both JS Bank and JSIL stressed that the agreement represents only a beginning of the growing partnership between the two organizations. In the near future, the two entities will work towards the introduction of more customized products and will increase availability of JSIL funds at all branch locations of JS Bank across Pakistan, thereby bringing the benefits of their products and services to more customers particularly in smaller cities and towns of the country.
Both JS Bank and JSIL are part of the JS Group, one of the largest business and financial services groups in Pakistan with wide-randing business interests in diverse areas including financial services, banking, brokerage and advisories, media, oil and gas, information technology, and transportation.