ABN AMRO Signs Trade Outsourcing Deal with Allied Irish Bank
ABN AMRO and Allied Irish Bank have formed an outsourcing partnership which will result in Allied Irish Bank’s international trade clients being able to employ an enhanced trade services offering. The partnership will provide Allied Irish Bank’s clients with Internet access to trade finance products and services, including standby letters of credit/guarantees. Allied Irish Bank will link its existing information systems with ABN AMRO’s to create a shared platform, resulting in more efficient processing and enhanced reporting capabilities, according to the bank. ABN AMRO will process all international trade transactions for Allied Irish Bank’s trade clients. Separately, ABN AMRO has been awarded third party services mandates for Continuous Linked Settlement by Banca Transilvania of Romania and Lebanon’s BLOM Bank. Furthermore, the Clearing Corporation of India CCIL has appointed ABN AMRO as its custodian for investment of Settlement Guarantee Funds with a value of USD 110 million in US dollar Treasury Bills. The Netherlands-based bank has also been granted the USD Clearing mandate by the Bank of Baroda.