The State Bank of Pakistan (SBP) has appointed 11 primary dealers for the next financial year, said a circular issued by the regulator.
The dealers appointed include JS Bank Limited, Habib Bank Limited, National Bank of Pakistan, Faysal Bank Limited, Standard Chartered Bank (Pakistan) Limited, United Bank Limited, Citibank NA, NIB Bank Limited, Pak Oman Investment Co. Ltd, MCB Bank Limited and Bank Alfalah Limited.
The central bank had invited applications from all banks, investment banks, development finance institutions and listed brokerage houses for the selection of primary dealers for FY 2011-12. “Upon evaluation of each applicant’s performance, the institutions mentioned above have been selected as primary dealers for the new fiscal year,” the circular said. Three among the above primary dealers, namely JS Bank Limited, HBL and NBP were the top three performers during the concluding FY 2010-11, the circular added.
Last year, the SBP had declared NBP, Standard Chartered Bank (Pakistan) and UBL as top three performers on the basis of laid out criteria in terms of their activities both in primary and secondary government securities markets.