ABN AMRO says Bear Stearns has awarded it a CLS third party services mandate. Alex Buencamino, Managing Director of Bear Stearns, confirmed it. “We wanted to choose a partner, not just a service provider and we found that with ABN AMRO,” he says.
The Bear Stearns mandate is of particular significance, says ABN Amro, because it is the first won by the bank from a broker dealer. John Gibbons, Global Head Cash, Payment & Custody Sales at ABN AMRO Global Transaction Services, said: “We are delighted to have been selected as a partner bank by Bear Stearns for this important mandate. ABN AMRO has been aware of the enormous potential of CLS from the very beginning and the products and services we have developed, place us at the forefront of this important new technology.”
Joseph Geronimo, Senior Vice President, Global Head of Banks & Brokers Sales at ABN AMRO GTS, added: “We have a unique and tested global offering for broker dealers.”