Lloyds TSB signs up to Citigroup's CLS settlement service

Lloyds TSB signs up to Citigroup's CLS settlement service

Citigroup has signed UK bank Lloyds TSB to its third party continuous link settlement (CLS) services.

Lloyds will use the service for FX trade matching, automated funding, reconciliation and access to real-time activity reporting.

Citigroup says it has almost 50 clients for its CLS service in Asia, North America, Europe and Africa. Matt Hodgson, vice president, Citigroup Global Transaction Services, says the bank tailors the service to each clients needs.

Lloyds TSB plans to go live with the CLS service by the first quarter of 2005.

Separately, Confederacion Espanola del Cajas de Ahorros (CECA) - which acts as a confederation for 46 Spanish savings banks - has contracted with Citigroup for the processing of its Asian letters of credit.

Under the agreement, Citigroup's Asian operations will provide processing services to CECA member banks.

Robert Aleu Sanchez, head of capital markets, products and services for CECA, says: "Citigroup proposed a tailored solution to handling our Asian trade business which will clearly meet CECA's requirements."

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