KBC and Rabobank to share settlement development costs

KBC and Rabobank to share settlement development costs

KBC Bank of Belgium and Rabobank Nederland are joining forces to develop a common cross-border platform for the settlement of securities transactions in a move that is expected to yield significant cost savings.

In a joint statment, the banks say: "By joining forces in this area, Rabobank and KBC Bank can reduce costs significantly and hence offer competitive prices to their customers."

With both banks looking to replace their current settlement platforms, the investment in new systems can thus be shared, they say.

The common platform is expected to become operational in 2006. The two banks are currently exploring the organisational consequences of the move on their respective back offices.

At KBC Bank, securities transactions are handled by its Securities and Derivatives Processing Directorate and by KBC Securities. At Rabobank this activity is performed by Rabobank Nederland Securities Services.

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