Euroclear Bank expands Cash Clearing relationship with Standard Chartered Bank
Standard Chartered to become Euroclear Bank's cash clearing bank in Bahrain, Jordan, Oman and Qatar
September, 26 2012 | United Arab Emirates - Following the success of Standard Chartered's appointment as its cash clearing bank in the UAE, Euroclear Bank, the leading international central securities depository, has further developed its service offering in the GCC by expanding the scope of its agreement with Standard Chartered to include the provision of cash clearing services in Bahrain, Jordan, Oman and Qatar. Following the appointment, Standard Chartered will be Euroclear Bank's cash clearing bank for the Arab Emirates Dirham (AED), Bahraini Dinar (BHD), Jordanian Dinar (JOD), Omani Riyal (OMR) and Qatar Riyal (QAR) currencies.
Commenting on the partnership, Stewart Adams, Regional Head of Investors and Intermediaries, Transaction Banking, MENA at Standard Chartered Bank said:
"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. 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."
Bernard Ferran, Head of the Euroclear Bank Representative Office in Dubai, added:
"Euroclear Bank's business in the GCC region continues to grow, with more local firms settling their cross-border transactions with us. Broadening our relationship with Standard Chartered Bank will further 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."
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Note to Editors:
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 per cent of its profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.
With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for nearly 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. Standard Chartered's heritage and values are expressed in its brand promise, 'Here for good'.
For further information please visit www.standardchartered.com. Follow Standard Chartered at www.facebook.com/standardchartereduae and on Twitter @StanChartMENAP.
About Euroclear Bank
Euroclear Bank is the world's largest provider of cross-border settlement and related securities services for transactions involving domestic and international bonds, equities, derivatives and investment funds. Serving major financial institutions located in more than 90 countries, Euroclear Bank serves as a single access point for post-trade services covering more than 300,000 international and domestic securities from 44 markets.
Euroclear Bank is part of the Euroclear group of central securities depositories, which includes Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. In 2011, the Euroclear group settled the equivalent of more than EUR 580 trillion in securities transactions, representing 163 million domestic and cross-border transactions, while assets held in custody for clients exceeded EUR 22 trillion.
For more information, please visit www.euroclear.com.