Steward Adams and Bernard Ferran
StanChart, Euroclear in clearing services deal
Manama, September 27, 2012
Standard Chartered is teaming up with Euroclear Bank, a leading provider of domestic and cross-border settlement and related services, to offer clearing services in Bahrain and elsewhere in the region.
Standard Chartered already has an agreement with Euroclear Bank to provide services in the UAE but is now expanding this to cover Bahrain as well as Jordan, Oman and Qatar.
The service will provide competitive clearing deadlines for Euroclear Bank's clients from more than 90 countries when settling transactions in currencies for the five countries.
"As the GCC markets continue to mature and demand for international currency clearing grows in the region, we are investing in our capabilities to provide a world-class and efficient service," said Standard Chartered Mena head of investors and intermediaries transaction banking Steward Adams.
"Our successful partnership with Euroclear Bank is a result of our ability to leverage our strong on-the-ground presence in the region and our state-of-the-art platform to provide our corporate and bank clients with world-class cash clearing services," he added.
"Euroclear Bank's business in the GCC region continues to grow, with more local firms settling their cross-border transactions with us," Euroclear's Dubai office head Bernard Ferran said.
"Broadening our relationship with Standard Chartered Bank will further boost Euroclear Bank's mission to provide a 'post-trade made easy' service portfolio to our clients.
"Offering settlement in a growing number of local GCC currencies is an important part of that promise," he added. – TradeArabia News Service