United Bank Limited, National Bank of Pakistan and Bank Alfalah ranked among top-performing Primary Dealers during FY2025-26
KARACHI: The State Bank of Pakistan (SBP) has announced the appointment of Primary Dealers (PDs) and Special Purpose Primary Dealers (SPDs) for FY2026-27 after completing an evaluation process under the Primary Dealer system framework.
The central bank said the selection process was conducted in accordance with the rules issued through DMMD Circular No. 07 dated April 12, 2021.
Applications were invited from eligible financial institutions for the appointment of PDs, PPDs and SPDs for the fiscal year 2026-27 through DMMD Circular Letter No. 06 dated May 7, 2026.
Following a detailed assessment against prescribed eligibility criteria, the SBP selected institutions for the respective roles.
Selected Primary Dealers for FY2026-27
The following institutions have been appointed as Primary Dealers:
United Bank Limited
National Bank of Pakistan
Bank Alfalah Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
MCB Bank Limited
The Bank of Punjab
Pak Oman Investment Company Limited
JS Bank Limited
Citibank N.A., Pakistan Branch
Special Purpose Primary Dealers appointed
The SBP also appointed two institutions as Special Purpose Primary Dealers for FY2026-27:
Central Depository Company of Pakistan Limited
National Clearing Company of Pakistan Limited
Top-performing Primary Dealers in FY2025-26
Alongside the new appointments, the SBP announced the rankings of the top-performing Primary Dealers during FY2025-26.
The three leading institutions were:
United Bank Limited
National Bank of Pakistan
Bank Alfalah Limited
The central bank said performance rankings of other Primary Dealers and Special Purpose Primary Dealers for FY2025-26 would be communicated separately through individual letters.
Role of Primary Dealers in financial markets
Primary Dealers play a key role in Pakistan’s government securities market by supporting the trading, distribution and liquidity of instruments such as Treasury Bills and Pakistan Investment Bonds.
The SBP Primary Dealers FY2026-27 appointments are expected to strengthen market efficiency, encourage investor participation and support the government’s debt management strategy.
The Primary Dealer system also helps improve transparency and ensure a stable market environment for government securities while facilitating effective monetary and fiscal operations.