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SBP selects 11 banks as primary dealers for government securities during 2017/2018

SBP selects 11 banks as primary dealers for government securities during 2017/2018

KARACHI: State Bank of Pakistan (SBP) on Thursday nominated 11 banks as primary dealers of government securities i.e. Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs) for 2017/2018.

The SBP while referring to the rules governing Primary Dealer System issued vide DMMD Circular No. 12 dated July 03, 2012 and DMMD Circular No. 11 dated May 31, 2013. Applications were invited for selection of Primary Dealers for the Financial Year (FY) 2017-18 vide DMMD Circular No. 06 dated May 18, 2017 from all Banks, Investment Banks, Development Financial Institutions and Listed Brokerage Houses.

SBP received thirteen applications for appointment of Primary Dealers of Government Securities (PIB & MTB). Upon evaluation of each applicant’s performance under the criteria laid down in the aforesaid rules, please be advised that the following institutions have been selected as Primary Dealers of Government Securities (PIB & MTB) for FY 2017-18.

The banks are included: Habib Bank Limited, National Bank of Pakistan, United Bank Limited, Bank Alfalah Limited, Allied Bank Limited, Pak Oman Investment Company Limited, JS Bank Limited, MCB Bank Limited, Faysal Bank Limited, Citibank NA (Pakistan Operations), Standard Chartered Bank (Pakistan) Limited.

The SBP said that top three performing PDs during FY 2016-2017 are as under: Habib Bank Limited, National Bank of Pakistan, United Bank Limited.