ABN AMRO Awarded CLS Mandate by Swiss Bank
Switzerland’s Bank Julius Baer has awarded ABN AMRO a continuous linked settlement (CLS) third party services mandate following a tender process. Gérard Berclaz, Senior Vice President of Bank Julius Baer, said: ‘This decision is based not only on the need to find a provider that will offer a complete service and is committed to a strong partnership in this area, but also on the fact that ABN AMRO had put the right deal team together, which underlined their commitment to Bank Julius Baer’. ABN AMRO was a founding shareholder of the CLS initiative in 1997. In October 2002, it was approved as a first wave Settlement Member of CLS Bank, following authorisation from the Board of Governors of the US Federal Reserve System. CLS Bank went live offering third party processing late November last year.