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United States : Clearstream appoints Standard Chartered Bank to service Middle Eastern currencies.

Clearstream has confirmed the appointment of Standard Chartered Bank as Cash Correspondent Bank (CCB) for Middle Eastern currencies. The bank will start to service transactions for Clearstream in Emirati Dirham, Bahraini Dinar and Omani Rial in the second quarter of 2015. This appointment of Standard Chartered Bank enables Clearstream to expand the range of its eligible settlement currencies to the Omani Rial.

Berthold Kracke, Head of Business Management and member of the Executive Board of Clearstream, comments: We are glad to have a reliable partner in Standard Chartered Bank to further streamline the management of Middle Eastern currencies. Offering the Omani Rial as an additional currency eligible for settlement proves Clearstream s commitment to help its customers benefit from the growth of financial activity in the region.

Margaret Harwood-Jones, Managing Director and Head, Investors & Intermediaries, Transaction Banking at Standard Chartered, added: "We are very honoured to be able to support Clearstream in delivering even more value to their clients. 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. This partnership further cements Standard Chartered s close relationship with Clearstream and reiterates our focus on a client-centric strategy."

Clearstream has a long-standing presence in the Middle East. Its office in Dubai was opened in 1995 to cover both the Middle East and Africa with a team of local sales and relationship specialists.

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Publication:Mena Report
Date:Dec 19, 2014
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