SBP appoints ICBC as Primary Dealer for government securities

July 1, 2021 (MLN): 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 2021-2022.

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 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 issued, SBP received thirteen 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 for roles as specified above:

Primary Dealers:

• 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 N.A-Pakistan Operations
• Industrial and Commercial Bank of China-Pakistan

Special Primary Dealers:

• National Clearing Company of Pakistan Limited (NCCPL)
• Central Depository Company of Pakistan (CDC)

Meanwhile, the notification highlighted that Habib Bank Limited, Allied Bank Limited, and Bank Al-Falah Limited were the top-performing PDs during FY21.

Copyright Mettis Link News