The State Bank of Pakistan (SBP) has announced that it has appointed 11 primary dealers, who will be eligible to participate in auctions of government securities in the next financial year.
The dealers included JS Bank, Habib Bank, National Bank, Faysal Bank, Standard Chartered Bank (Pakistan), United Bank, Citibank NA, NIB Bank, Pak Oman Investment Company, MCB Bank and Bank Alfalah, said SBP in a circular issued on Monday.
SBP said that earlier applications were invited for selection of primary dealers for 2011-12 from all banks, investment banks, development finance institutions and listed brokerage houses and after evaluating their performance, 11 were selected.
Three primary dealers – JS Bank, Habib Bank and National Bank – were the top three performers during financial year 2010-11, the central bank said.
A primary dealer is a bank, development finance institution, investment bank or listed brokerage house, which will be eligible to participate in auctions of government securities.
Published in The Express Tribune, June 28th, 2011.
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