Home National State Bank appoints 13 FIs as primary dealers for the govt securities

State Bank appoints 13 FIs as primary dealers for the govt securities

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KARACHI: The State Bank of Pakistan (SBP) has appointed 13 financial institutions as primary dealers (PDs) for government securities (PIB & MTB) including Industrial and Commercial Bank of China-Pakistan (ICBC) as a new entrant to the list for the fiscal year 2021-22.
According to a statement issued on Thursday, for the category of special primary dealers (SPDs), the government has appointed National Clearing Company of Pakistan Limited (NCCPL) and Central Depository Company of Pakistan (CDC).
The primary dealers are required to actively participate in the primary market by bidding in the auctions of the government securities as conducted by the State Bank of Pakistan from time to time. These selected banks can distribute government securities to non-PD banks and other retail/institutional clients.
According to the notification, the SBP received 13 applications for the appointment of PDs and two applications for the role of SPDs of government securities (PIB & MTB). Upon evaluation of each applicant under the criteria laid down in the rules, the following institutions have been selected.
The primary dealers include Habib Bank Limited, Allied Bank Limited, Bank Al-Falah Limited, JS Bank Limited, National Bank of Pakistan Limited, MCB Bank Limited, United Bank Limited, Pak Oman Investment Bank Limited, Faysal Bank Limited, Standard Chartered Bank Limited, The Bank of Punjab, Citi Bank NA-Pakistan Operations, and Industrial and Commercial Bank of China-Pakistan.
Meanwhile, the notification highlighted that Habib Bank Limited, Allied Bank Limited and Bank Al-Falah Limited were the top performing PDs during the fiscal year 2020-21. – TLTP