SBP appoints 11 primary dealers for fiscal year 2013

The State Bank of Pakistan has appointed 11 Primary Dealers for the next financial year (2012-13) which include JS Bank Limited, Habib Bank Limited, Faysal Bank Limited, NIB Bank Limited, National Bank of Pakistan, Bank Alfalah Limited, Pak Oman Investment Co Limited, United Bank Limited, Citibank NA (Pakistan branches), MCB Bank Limited and Standard Chartered Bank (Pakistan) Limited.
Applications were invited for selection of primary dealers for the financial year 2012-13 from all banks, investment banks, development financial institutions and listed brokerage houses and upon evaluation of each applicant's performance, the abovementioned institutions have been selected as primary dealers of government securities (PIBs & MTBs) for FY 2012-13, says DMMD Circular No 10 of 29th June, 2012. Three primary dealers - JS Bank Limited, Habib Bank Limited and Faysal Bank Limited were the top three performers during FY 2011-12, the circular added.