SBP appoints 10 primary dealers, two special-purpose dealers for FY2026-27

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 fiscal year 2026-27, according to a circular issued on Thursday.

United Bank Limited was selected as a primary dealer and also retained its position as the top-performing primary dealer for FY2025-26.

National Bank of Pakistan ranked second among the previous fiscal year’s primary dealers, while Bank Alfalah Limited secured third place. Both institutions have also been appointed for FY2026-27.

The remaining primary dealers selected by the central bank are Habib Bank Limited, 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 is:

The State Bank also appointed Central Depository Company of Pakistan Limited (CDCPL) and National Clearing Company of Pakistan Limited (NCCPL) as special-purpose primary dealers for the fiscal year.

Primary dealers serve as designated participants in the government securities market, while special-purpose primary dealers facilitate wider participation through market infrastructure and related services.

The SBP said the individual performance rankings of the remaining primary dealers and special-purpose primary dealers for FY2025-26 would 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. 

The appointments followed an evaluation of applications submitted by eligible institutions under the central bank’s rules governing the primary dealer system. Applications had been invited on May 7, 2026.