United Arab Emirates (UAE)’ Mashreqbank has appointed Bank of New York to provide third party settlement services for Continuous Linked Settlement (CLS).
CLS is a banking industry initiative designed to reduce risk, increase trading opportunities and reduce costly reconciliation from the settlement of foreign exchange trades.
The arrangement will promote the integration of Mashreqbank's treasury, trading, cash management and reporting functions 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.
"Our third party CLS services will enable Mashreqbank to reduce its settlement risk and process its foreign exchange payments in a more efficient manner,” said senior vice president and Head of The Bank of New York's Middle East, Eastern Europe and Africa Division, William F. Williams.
Mashreqbank, which is among the oldest domestic banks in the United Arab Emirates (UAE), is majority owned by the wealthy Al-Ghurair family. It has a healthy share of Dubai’s corporate banking business and is regarded as a leading provider of retail banking services. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
