SBP removes ICBC, SCBPL from PD List

July 05, 2023 (MLN): The State Bank of Pakistan (SBP) has removed the Industrial and Commercial Bank of China-Pakistan Operations (ICBC) and Standard Chartered Bank (Pakistan) Limited from the list of Primary Dealers (PDs) in the Financial year 2023-24.

Overall, the SBP has appointed 10 banks as PDs of government securities and two companies as Special Purpose Primary Dealers (SPDs) for FY23-24.

Primary Dealers appointed for FY23-24 included Bank Al-Falah Limited (BAFL), Habib Bank Limited (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP), Habib Metropolitan Bank Limited (HMB), JS Bank Limited (JSBL), Pak Oman Investment Company Limited, United Bank Limited (UBL), the Bank of Punjab (BOP) and Citi Bank N.A-Pakistan Operations.

Moreover, the National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company of Pakistan (CDS) continued to operate as SPDs.

Bank Al-Falah Limited (BAFL), Habib Bank Limited (HBL), and MCB Bank Limited (MCB) were the top-performing PDs during FY22-23.

“Performance ranking of all other PDs/SPDs during FY 2022-23 will be communicated individually through separate letters,” the circular further reads.

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