Standard Chartered Bank has been mandated to act as Clearstream’s cash correspondent bank (CCB) for the Emirati dirham, Bahraini dinar and Omani Rial.
The appointment will take effect in Q2 2015, and marks the first time that the Omani Rial is included in Clearstream’s range of settlement currencies.
Margaret Harwood-Jones, managing director and head of investors and intermediaries, and transaction banking at Standard Chartered, said: "We are very honoured to be able to support Clearstream in delivering even more value to their clients. Our solution will result in improved liquidity, straight-through processing, extended cut-off times and dedicated regional support, enabling the clients to focus on their growth agenda.”
“This partnership further cements Standard Chartered’s close relationship with Clearstream and reiterates our focus on a client-centric strategy."
Clearstream has been operating in the Middle East since 1995, when it opened its Dubai office to cover both the Middle East and Africa.
Berthold Kracke, Clearstream’s head of business management and member of the executive board, said: “We are glad to have a reliable partner in Standard Chartered Bank to further streamline the management of Middle Eastern currencies.”
“Offering the Omani Rial as an additional currency eligible for settlement proves Clearstream’s commitment to help its customers benefit from the growth of financial activity in the region.”
