Overview:
BoU Deputy Governor Dr Michael Atingi Ego hailed Stanbic Bank for promoting Uganda’s securities market.
Stanbic Bank Uganda has won the award for ‘Best-performing Primary Dealer Market Maker (PDMM) in Uganda for 2022, becoming the first financial institution to earn the honour for a record 11 times, since its inception eighteen years ago.
Primary Dealing refers to a commercial bank directly buying government securities from the central bank and retailing them to the rest of the market (secondary market) to help raise revenues to support government spending.
The award was given by Bank of Uganda, the regulator, on Friday.
While giving the award, BoU Deputy Governor Dr Michael Atingi Ego hailed Stanbic Bank for promoting Uganda’s securities market.
“The bank has consistently posted two-way bid-ask pricing across the entire yield curve, as well as trading and reporting trades on the Bloomberg. I am therefore pleased to announce Stanbic Bank Uganda Ltd as the Best Performing Primary Dealer Market Maker in Uganda government securities for the ranking year ended September 2022,” he said.
“We thank Stanbic Bank Uganda for its contribution to the development of the securities market through participation in the primary auctions and fulfilling their market-making obligations in the secondary market,” he added.
In response, Stanbic Uganda CEO Anne Juuko welcomed the award, saying it motivates the bank to work harder.
“I thank the BoU for the recognition and our global markets team at Stanbic, for the hard work. This win is a statement of our commitment to playing our part in the collective responsibility of driving Uganda’s growth,” she said.
In 2005, BoU launched the primary dealer (PD) system to promote participation and operational efficiency in the government securities market, improve secondary market trading and foster financial market development.