Another Go

HSBC became the only foreign bank to have its own primary dealer operation when the bank invested Rs. 150 mn to start one.rn

rnBank officials say starting a primary dealer was logical as the bank otherwise had to go through other dealers to access the primary market.rn

rnHSBC also says the license will help them offer a wider range of products to its customers. rn

rnldblquote We have a role in developing the debt securities market. Primary dealership is the main avenue of doing that,
dblquote says HSBC Deputy CEO Sarath Piyaratna. rn

rnHSBC had a primary dealer license from 1992 when the license was introduced.rn

rnThe bank however opted to give up the license when the central bank required dealers to incorporate a separate company with a dedicated Rs. 150 mn capital.rn