Standard Chartered will be Euroclear Bank’s AED clearing bank
UAE, 12 February, 2011 – Standard Chartered announced today its partnership with Euroclear Bank, the international central securities depository, to provide cash clearing services in the UAE. Following the appointment, Standard Chartered will be the Arab Emirates Dirham (AED) cash clearing bank for Euroclear Bank.
The service will provide highly competitive clearing deadlines for Euroclear Bank’s clients from more than 90 countries when settling transactions in AED. Efficient clearing will be facilitated through Standard Chartered’s state-of-the-art platform.
Commenting on the partnership, Stewart Adams, Regional Head of Investors and Intermediaries, Transaction Banking, MENA Standard Chartered Bank said:
“We are delighted to join hands with Euroclear Bank and provide them with an outstanding solution for AED-settled transactions. Our partnership with Euroclear is a clear indicator of our strong on-the-ground presence in the UAE and further demonstrates our commitment to this country and the region. We pride ourselves in providing best-in-class client solutions for local, regional and global clients.”
Bernard Ferran, Head of the Euroclear Bank Representative Office in Dubai, added:
“The UAE is a very important GCC market for Euroclear Bank. Our growing presence in the region, as well as the increasing volumes of cross-border fixed-income transactions settling at Euroclear Bank by clients in the GCC, requires efficient Arab Emirates Dirham currency clearing. The appointment of Standard Chartered Bank as our new clearing bank for AED transactions will strengthen our abilities to provide straight-through processing for our clients.”
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For more information, please contact:
Senior Manager, Business Communications
Corporate Affairs MENAP
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