Citigroup says Bank of East Asia has appointed Citibank as its provider of CLS Bank settlement services on a third party basis. Citibank has offered a CLS Bank third party service since November 2002.
“Through our partnership with Citigroup and our adoption of CLSTM Third Party Settlement Services, BEA will substantially enhance its foreign exchange operations, particularly in regards to overall efficiency and security,” says BEA’s Chairman and Chief Executive Dr. David K.P. Li. “We look forward to a long and mutually rewarding relationship with Citigroup, one which enables us to continually deliver clear benefits to our customers.”
“We are delighted that BEA has chosen Citigroup as its CLS third party service provider,” adds Catherine Weir, Head of Greater China, Citigroup Global Corporate and Investment Banking Group. “As a leader in foreign exchange and global payments, we are committed to providing our clients with the premier CLS services in the market.”
Citigropup says that in July this year its six branches involved in the CLS settlement process (New York, London, Tokyo, Hong Kong, Singapore and Sydney) settled more than 148,000 transactions totalling over US$3.12 trillion in value.
In July 2004, Citigroup was ranked first in terms of CLS volume at CLS Bank, with a third party service market share of 29%.