Taiwan's Bank of Kaohsiung has selected Citibank to provide third party continuous link settlement (CLS) services for conducting foreign exchange (FX) transactions through the CLS Bank.
Bank of Kaohsiung is the fourth institution in the country to subscribe to Citibank's CLS settlement services.
The service allows financial institutions who are not CLS settlement members to settle FX transactions through the CLS Bank.
The announcement follows Union Bank of Taiwan's appointment of Citigroup for CLS services in January 2003.