Announcing this years primary dealership winner, Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile acknowledged the role Stanbic played especially for its participation in the primary auctions, market making capabilities, consistent pricing as well as timely market intelligence.
Stanbic, Uganda's biggest commercial bank, has won the Bank of Uganda's Annual Primary Dealer of the Year Award for 2017. A primary dealer is a well-capitalized financial institution that has an undertaking with the Central Bank to facilitate Open Market Operations as well as be the conduit for market making.
There have been six Primary Dealer banks namely Stanbic Bank, Standard Chartered Bank, Dfcu Bank, Barclays Bank, Bank of Baroda and Centenary Bank which are the first contact with BoU. All other banks have been operating in the secondary market, meaning they play second fiddle to the primary dealers.
Announcing this year's primary dealership winner, Bank of Uganda Governor, Emmanuel Tumusiime-Mutebile acknowledged the role Stanbic played especially for its participation in the primary auctions, market making capabilities, consistent pricing as well as timely market intelligence.
The awards are in their 12th year and Stanbic has taken half of them. BoU's Director of Financial Markets, Stephen Mulema, said this is the fifth consecutive time Stanbic has won the award and the sixth time over all.
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While receiving the award, the Chairman of Board of Directors of Stanbic Bank Uganda, Japheth Kato, attributed the success to hard work and pledged to continue supporting the government securities market.
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Kato also pledged that Stanbic will work with BoU in embedding the reforms and rolling out the government securities market using its extensive bank network so the papers are purchased by many and it gets popular.
Now Bank of Uganda has opened up the primary dealership to all licensed commercial banks in Uganda.