Credit Suisse has been appointed by Arab Bank plc as its global provider of Continuous Linked Settlement (CLS) services. The contract will go live in the fourth quarter of this year.
“We are delighted with this achievement,” says Martin Rettich, Managing Director, Transaction Services & Solutions at Credit Suisse. “Arab Bank is the major local provider in the Middle East. Winning this mandate endorses and recognizes the quality of our CLS practice. We hope that this appointment will lead other institutions in the Middle East to start using CLS.”
Credit Suisse is one of the banks that has emphasised CLS Third Party Services. In addition to mandates from the Middle East, Credit Suisse serves live CLS Third Party clients in Europe, the USA and the Far East.
“Using CLS, which is an industry best practice, and having a single common standard for all our FX processing will make it easier for our counterparts to do business with Arab Bank,” says Armin Husseini, Global Head of Financial Institutions for Arab Bank plc.