Clearstream has appointed Standard Chartered Bank as a cash correspondent bank (CCB), to service transactions, settled by Clearstream, which are denominated in Middle Eastern currencies.
These currencies include the Emirati Dirham, Bahraini Dinar and Omani Rial. The bank will begin servicing these transactions in the second quarter of next year.
The appointment of Standard Chartered Bank enables Clearstream to expand the range of its eligible settlement currencies to the Omani Rial.
“Our solution will result in improved liquidity, straight-through processing, extended cut-off times and dedicated regional support, enabling the clients to focus on their growth agenda,” says Margaret Harwood-Jones, managing director and head of investors and intermediaries, Standard Chartered.
“This partnership further cements Standard Chartered’s close relationship with Clearstream and reiterates our focus on a client-centric strategy.”
The appointment is the latest joint venture with Clearstream in the Middle East region. In April 2013, they signed a letter of intent to develop a customized collateral management service for their mutual clients in Asia.
Furthermore, Standard Chartered and Clearstream went live with a collateral management programme in November whereby assets for mutual clients held at the bank can be used as collateral to meet requirements in tri-party deals.
Clearstream Picks Standard Chartered To Manage Middle Eastern Currencies
Clearstream has appointed Standard Chartered Bank as a cash correspondent bank (CCB), to service transactions, settled by Clearstream, which are denominated in Middle Eastern currencies.