Alfa Bank – the first Russian bank to join CLS – has appointed UBS as its third party service provider. UBS now has 35 live third-party clients on CLS Bank.
“UBS is pleased to provide CLS third-party services to Alfa Bank, one of the leading banks in Russia,” says Seth Cohen, Global Head of Bank Marketing at UBS Investment Bank, London. “We believe that Alfa Bank’s participation in CLS sets an example that other risk-aware Russian banks will follow.”
Sergey Rodionov, Director, Capital Markets, Alfa Bank, says “the up tick in business we have been experiencing demands that we identify and engage with the most suitable partner and for us, UBS meets and exceeds our requirements. Their capability as a technology and risk management partner is exceptional. We anticipate significant efficiencies and economies as we move ahead, as well as overall volume expansion.”
To date, 63 banks have chosen UBS as their partner for CLS third-party services, of which 35 are now live third-party clients. This total accounts for one-sixth of all third-party CLS users worldwide. CLS third-party services are a part of the UBS “Bank for Banks” service.