JK Bank unveils plan to expand JKB Financial Services Ltd.
Jammu and Kashmir Bank is rejuvenating its wholly owned subsidiary, JKB Financial Services Limited (JKBFSL), by converting it into a one-stop shop for distribution of investment and protection products.
The bank would be expanding its network to 75 branches from the existing 10 branches. The expansion would be supported by recruiting the best talent from the open market and also picking bright and meritorious students from various universities in the J&K State through campus recruitment drive.
This was stated by the J&K Bank Chairman & CEO, Parvez Ahmed while unveiling Business Plan for the JKBFSL to strengthen its operations. Notably, the four-year business plan of the subsidiary was approved by the Board of Directors of the bank in its recently held meeting.
The chairman said, “The new business plan aims to offer investment services based on customer’s preference for return. The company shall be offering a bouquet of financial products and state-of-the-art technology-driven services to all investor groups, be it High Net worth Individuals, Young Professionals, Businessmen, Government Employees or Partnership Firms/Corporates.”
He stated: “Through JKBFSL we intend to leverage the J&K Bank brand by exploring retail opportunities to Bank’s client base through Bank’s 2000 touch points. The subsidiary is currently operating from ten branches in J&K and intends to expand its services from seventy-five J&K Bank branches by the end of the year 2018 followed by two-hundred branches by the end of next year. We are investing in digital technologies to provide seamless digital experience to the nextgen tech-savvy customers who want to explore the products in the investment arena through digital channels.”
Parvez Ahmed further added “There is a nation-wide shift in preference of customers from physical to financial assets and J&K state has a high potential opportunity in the segment with a huge untapped appetite for Financial Services. Through JKBFSL we are determined to offer leading, informed investment services to our people by converting the JKBFSL into a one-stop-shop for distribution of Investment & Protection products. Customer Empowerment is the second pillar of our vision through accessible, reliable and cost-effective services at the click of a button for which we are in the process of developing/acquiring capabilities in information, solutions, technology and most importantly ‘people’ for continuously executing profitable business opportunities for sustainable growth, and returns to stakeholders.”
Revealing further about the company’s vision, he said, “We intend to recruit the best talent pool through open market recruitment in the state and from the universities in J&K through campus placements which will open the doors for bright and meritorious students of our state to be the drivers of the business of this subsidiary. The recruitment in specialist roles from the open market will create opportunities for experienced state subjects working in country or abroad in the financial services sector enabling them to satiate their urge to make a meaningful contribution in the state. ”
Notably the current Chairman & CEO of the Bank, who founded the depository services of the bank during his earlier roles to provide an exit route to the shareholders of the bank post public issue; revived the operations of its subsidiary by inducting industry specialists as Managing Director and Chief Financial Officer in JKBFSL which was incorporated in the year 2008. The subsidiary is an existing member of the National Stock Exchange and Bombay Stock Exchange facilitating investments in Equity Cash and Derivatives (Futures & Options) and Initial Public Offerings through ASBA for J&K Bank account holders.