ABN Amro signs more than half of CCIL members as CLS fourth parties
Demonstrating the continued success of its Working Capital operation, ABN AMRO today announced that mandates for fourth party Continuous Linked Settlement (CLS) services have been signed with Indian financial institutions representing more than 50 per cent of the Clearing Corporation of India’ s (CCIL) member organistions.
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This announcement follows shortly after the mandate for third party CLS services was awarded to ABN AMRO by CCIL. Many more institutions have already indicated their interest and are expected to sign soon.
Sam Zavatti, SEVP Financial Institutions and Public Sector at ABN AMRO said:
"I’m delighted that CCIL’ s members have demonstrated the same confidence in ABN AMRO that CCIL itself has. As a result of these mandates ABN AMRO is now the global market leader for CLS services by number of clients and the dominant provider in Asia."
The organisations, which include Canara Bank, Syndicate Bank, Corporation Bank, Oriental Bank of Commerce and Union Bank of India are expected to go live for fourth party CLS services next month.
Joerg Pinkernell, Head of Financial Institution product development at ABN AMRO said: "These mandates prove that the fourth party model for CLS is viable. Already the CCIL concept is a huge success with CCIL rapidly becoming the aggregator of cross-currency trades for the Indian market."