United Bank Limited (PSX: UBL) has secured a significant accolade, being officially declared the Top Performing Primary Dealer (PD) for the fiscal year 2024-25 by the State Bank of Pakistan (SBP). The announcement came through DMD Circular No. 06 of 2025 issued by the SBP’s Domestic Market & Monetary Management Department, marking a notable milestone for UBL as it continues to reinforce its reputation in Pakistan’s evolving debt market landscape.
According to the central bank’s latest rankings, UBL outpaced all other competitors on several performance benchmarks, solidifying its leadership among the country’s designated primary dealers. Bank Alfalah Limited claimed the second position, while National Bank of Pakistan secured the third spot, both reflecting their own robust engagement with Pakistan’s sovereign securities market over the past fiscal year.
The evaluation framework deployed by the SBP assessed PDs on a broad set of criteria, including their participation in primary auctions, the scale and depth of their secondary market operations, and initiatives aimed at investor development and outreach. By excelling across these indicators, UBL demonstrated its ability not only to meet regulatory expectations but also to contribute actively to strengthening Pakistan’s domestic debt market infrastructure.
In addition to the top honor, UBL’s consistent performance has earned it continued appointment as a Primary Dealer for the upcoming fiscal year 2025-26. This extension underscores the confidence of both the regulator and market participants in UBL’s capacity to facilitate the issuance and trading of government securities, thereby playing a vital role in supporting Pakistan’s monetary and fiscal objectives.
For the new fiscal year, the SBP has again finalized a competitive list of institutions to serve as Primary Dealers. Alongside UBL, the lineup includes Bank Alfalah Limited, National Bank of Pakistan, 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. These banks will continue to act as key intermediaries, underwriting government securities and ensuring liquidity in both primary and secondary markets.
The SBP has also confirmed the appointment of two entities as Special Purpose Primary Dealers (SPDs) for FY26: Central Depository Company Limited and National Clearing Company of Pakistan. These organizations support broader market infrastructure by enhancing settlement systems and contributing to investor confidence.
While the SBP publicly highlighted the top three PD performers, it indicated that detailed performance letters for the remaining dealers will be dispatched individually. This approach maintains transparency while giving each institution clear insights into how it measured up under the central bank’s multi-faceted evaluation metrics.
Market analysts point out that the consistent recognition of UBL and its peers illustrates the importance of a well-regulated, competitive primary dealership network in achieving efficient government debt management. As Pakistan navigates its fiscal challenges, the role of PDs remains central in facilitating reliable market-based borrowing for the state, ultimately contributing to broader financial sector stability.
With this fresh endorsement from the central bank, UBL is poised to continue its trajectory of leadership and innovation in Pakistan’s sovereign debt market, reinforcing its place as a cornerstone institution within the country’s financial ecosystem.