The award brings to six the number of times it has won the award in 2007. It first won the award in January 2007, when it was listed on the Uganda Securities Exchange with its shares being over subscribed by 200%, and again in February, May, June, and July.
The Bank of Uganda introduced the award in 2005 to recognize the primary dealer that performs best in auctioning of monitory policy instruments, trading of government securities and the transmission of information regarding the status of financial markets to the Central Bank.
A primary dealer is any financial intermediary that has signed a Memorandum of Understanding with BoU to consistently participate as a counter-party in auctions of monetary policy instruments like Treasury Bills, bonds, Repurchase Agreements, provide the public with prices or yields that they will buy and sell considering the most recently auctioned Uganda Securities, on a continuous basis, and to trade with the public, securities at prices or yields that they have quoted among others.
Other winners of the award last year were Development Finance Company of Uganda (Dfcu) Bank (March and August), Standard Charted Bank (April), Barclays Bank (September) and Bank of Baroda (October).
According to the BoU, the points allocated to each of the winners of the award for each month will be aggregated to determine the overall winner of the prestigious “Award of the Best Performing Primary Dealer in Uganda Government Securities for the Year 2007.” However, with six awards already in its hands, Stanbic Bank could emerge the overall winner since the other competitors have fewer than three each.
In November last year, Stanbic Bank's mother company, Standard Bank, also won the prestigious The Banker ‘Emerging Markets Bank of the Year Award 2007'.
The accolade was presented to the bank at the annual The Banker Awards dinner, held in London on 28 November. Standard Bank is listed on the Johannesburg Stock Exchange has presence in Uganda, Kenya, Tanzania, Lesotho, Malawi, Mozambique, Swaziland and Zimbabwe.
