Following the success of Standard Chartered’s appointment as its cash clearing bank in the UAE, Euroclear Bank, the leading international central securities depository, has further developed its service offering in the GCC by expanding the scope of its agreement with Standard Chartered to include the provision of cash clearing services in Bahrain, Jordan, Oman and Qatar. Following the appointment, Standard Chartered will be Euroclear Bank’s cash clearing bank for the Arab Emirates Dirham (AED), Bahraini Dinar (BHD), Jordanian Dinar (JOD), Omani Riyal (OMR) and Qatar Riyal (QAR) currencies.
“As the GCC markets continue to mature and demand for international currency clearing grows in the region, we are investing in our capabilities to provide a world class and efficient service. Our successful partnership with Euroclear Bank is a result of our ability to leverage our strong on-the-ground presence in the region and our state-of-the-art platform to provide our corporate and bank clients with world class cash clearing services,” Stewart Adams, Regional Head of Investors and Intermediaries, Transaction Banking, MENA at Standard Chartered Bank, said.
“Euroclear Bank’s business in the GCC region continues to grow, with more local firms settling their cross-border transactions with us. Broadening our relationship with Standard Chartered Bank will further Euroclear Bank’s mission to provide a ‘post-trade made easy’ service portfolio to our clients. Offering settlement in a growing number of local GCC currencies is an important part of that promise,” Bernard Ferran, Head of the Euroclear Bank Representative Office in Dubai, added.