The commercial banking business of American Express Bank Ltd undertaken in Pakistan, inclusive of its four branches, has been merged into JS Bank Ltd (JSBL) from December 30, 2006.
Naveed Kazi, President and Chief Executive Officer of American Express Bank in a letter sent to the clients has assured them that the new management "will continue to be a highly compliant bank and would ensure that all laws and regulations are meticulously followed. 'Good Governance, 'Management Excellence' and a 'High degree of professionalism' will be its focus".
JS Group is one of the largest investment groups in Pakistan. Its major financial sector companies include Jahangir Siddiqui & Co Ltd, Jahangir Siddiqui Investment Bank Ltd, (now merged into JS Bank Ltd), Jahangir Siddiqui Capital Markets, JS Finance & JS Abamco Ltd. Majority of American Express staff has joined the newly merged entity, he added.
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