July 13, 2022 (MLN): The State Bank of Pakistan (SBP) has appointed twelve banks as primary dealers (PDs) and two companies as Special Purpose Primary Dealers (SPDs) of government securities i.e., Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs) for the financial year 2022-23, the Domestic Market and Monetary Management Department of SBP notified on Tuesday.
Upon evaluation of applications received under the laid down criteria, the SBP has selected Bank Al-Falah Limited, Habib Bank Limited, National Bank of Pakistan, United Bank Limited, MCB Bank Limited, JS Bank Limited, Standard Chartered Bank (Pakistan) Limited, Pak Oman Investment Company Limited, The Bank of Punjab, Citi Bank N.A-Pakistan Operations, Industrial and Commercial Bank of China-Pakistan Operations, and Habib Metropolitan Bank Limited as primary dealers.
While National Clearing Company of Pakistan Limited (NCCPL) and Central Depository Company of Pakistan (CDC) have been appointed for the role of SPDs of government securities-PIB and MTB.
It is pertinent to mention that Allied Bank Limited, previously appointed as PD in FY22, has surrendered this year while Habib Metropolitan Bank Limited is a new entrant as PD. Furthermore, Faysal Bank is in process of conversion to Islamic banking so the management had not applied for PD.
To recall, SBP on April 12, 2021, had decided to introduce two additional categories of dealers, namely Preliminary Primary Dealers (PPDs) and SPDs in addition to the full-fledge PDs, under the Primary Dealers System of marketable government securities.
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