The Bank of New York has been appointed by Mashreqbank of the United Arab Emirates (UAE) to provide third party settlement services for Continuous Linked Settlement (CLS) Bank.
“We selected The Bank of New York as our CLS partner because of its ability to provide us with unique solutions that will enable us to offer third party payments capability to our clients,” says Majid
Husain,
senior vice president and Head of the Financial Institutions Division at Mashreqbank. “We have had a long and mutually beneficial relationship with the Bank, and we look forward to the continued expansion of our alliance.”
Mashreqbank’s treasury, trading, cash management and reporting functions will be integrated with The Bank of New York’s settlement operation. Mashreqbank will use SafeSettle, The Bank of New York’s proprietary Internet link to CLS, to monitor CLS settlement on a real-time basis.
William F. Williams, senior vice president and Head of The Bank of New York’s Middle East, Eastern Europe and Africa Division, says Mashreqbank is the third CLS mandate Bank Of New York has secured.
Mashreqbank psc is the largest private bank in the United Arab Emirates (UAE). It is also the second oldest commercial bank in the UAE, having originally been established as Bank of Oman in 1967, in Dubai. At 31 December 2003, its total assets stood at AED 26.237 billion (US$7.143 billion).