Raiffeisen Zentralbank sterreich AG (RZB) has become the fiftieth bank to appoint UBS as its provider of third-party CLS services.
“The quality of UBS’s services and strengths in technology has given us the confidence to further increase our partnership,” says RZB’s Global Treasurer, Armin Steppan. “CLS marks the future of FX settlement and with UBS we made the right decision.”
Vienna-based RZB is the central institution of the Austrian Raiffeisen Banking Group, a universal banking group in Austria with substantial operations in Central and Eastern Europe, where it has a network of 15 subsidiary banks with more than 800 banking outlets in 16 markets. RZB is also present throughout Asia and all the leading financial centres.
Martin Wiedmann, Global Head Foreign Exchange Distribution at UBS Investment Bank, Zurich, reckons the partnership “underlines our capacity to implement sophisticated clients like RZB. As a leading bank in Austria and in Central and Eastern Europe, RZB is our perfect partner to develop an integrated `front to back’ cash model.”
CLS third-party services are a part of the UBS “Bank for Banks” outsourcing programme.