Russia's Alfa Bank signs for UBS CLS services

Source: UBS

Alfa Bank is the first Russian bank to join CLS, bringing to 35 the number of live CLS third-party clients of UBS.

With this partnership, Alfa Bank and its subsidiaries will be able to execute and settle their cross-border foreign exchange transactions through the CLS global settlement system.

Seth Cohen, Global Head of Bank Marketing at UBS Investment Bank, London said, "UBS is pleased to provide CLS third-party services to Alfa Bank, one of the leading banks in Russia. We believe that Alfa Bank's participation in CLS sets an example that other risk-aware Russian banks will follow."

Sergey Rodionov, Director, Capital Markets, Alfa Bank, commented as follows: "The uptick in business we have been experiencing demands that we identify and engage with the most suitable partner and for us, UBS meets and exceeds our requirements. Their capability as a technology and risk management partner is exceptional. We anticipate significant efficiencies and economies as we move ahead, as well as overall volume expansion."

To date, 63 banks have chosen UBS as their partner for CLS third-party services, of which 35 are now live third-party clients. This total accounts for one-sixth of all third-party CLS users worldwide.

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