SBP Names Primary Dealers For New Fiscal Year

KARACHI: The State Bank of Pakistan (SBP) has appointed 10 financial institutions as primary dealers and two market infrastructure companies as special-purpose primary dealers for FY2026–27, according to a circular issued on Thursday.

United Bank Limited (UBL) was once again selected as a primary dealer and also retained its position as the highest-performing primary dealer for FY2025–26.

National Bank of Pakistan (NBP) secured second place in the previous fiscal year's performance rankings, while Bank Alfalah Limited ranked third. Both institutions have also been reappointed as primary dealers for FY2026–27.

The other institutions selected by the central bank include Habib Bank Limited (HBL), Habib Metropolitan Bank Limited, MCB Bank Limited, The Bank of Punjab, Pak Oman Investment Company Limited, JS Bank Limited, and Citi Bank N.A., Pakistan Branch.

The complete list of primary dealers for FY2026–27 has been issued by the SBP.

In addition, the central bank has appointed the Central Depository Company of Pakistan Limited (CDCPL) and the National Clearing Company of Pakistan Limited (NCCPL) as special-purpose primary dealers for the new fiscal year.

Primary dealers act as designated participants in Pakistan's government securities market, while special-purpose primary dealers support broader market participation by providing infrastructure and related financial services.

The SBP stated that the detailed performance rankings of the remaining primary dealers and special-purpose primary dealers for FY2025–26 will be communicated separately to each institution.

The appointments were made under the Primary Dealer Rules issued through DMMD Circular No. 07 dated April 12, 2021.

According to the SBP, the appointments followed an evaluation of applications submitted by eligible institutions after applications were invited on May 7, 2026, under the central bank's primary dealer framework.