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Bank of China (Hong Kong) appoints Citigroup as CLS.

Global Banking News-17 September 2008-Bank of China (Hong Kong) appoints Citigroup as CLS(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 17 September 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Citigroup, Inc (NYSE: C) has announced that its Global Transaction Services has signed an agreement with Bank of China (Hong Kong) Limited (BOCHK).

As per the agreement, the American bank's unit has been appointed BOCHK's Continuous Linked Settlement (CLS) Nostro Agent for the US Dollar. Citigroup, Inc is to provide Nostro account services and liquidity to BOCHK to facilitate CLS settlement with CLS Bank, an industry-operated foreign exchange cooperative that is owned by 69 shareholder banks.

Citigroup, Inc was selected as BOCHK's Nostro Agent Bank through a selective bidding process that included other major service providers.

Akash Rathke, managing director and regional head of Bank Services and Public Sector Groups, Asia Pacific at Citigroup, Inc, said, 'Citi is honoured to deepen our relationship with BOCHK. By leveraging Citi's experience, solutions and customer support in CLS payments, BOCHK can better serve its growing client base and maintain its leading edge in providing this pivotal service internationally.'

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Sep 17, 2008
Words:214
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