Shinhan Bank Becomes Shareholder of CLS Group
CLS Group Holdings (CLS Group) has announced that Korean-based Shinhan Bank has become a shareholder of CLS Group, bringing the total number of banking and financial institutions as shareholders to 70. They join a shareholder group that consists of many of the world’s largest commercial and investment banking organisations. Shinhan Bank will in due course apply to become a settlement member of CLS Bank International (CLS Bank), the provider of continuous linked settlement (CLS), a global banking settlement system for the foreign exchange market. CLS Bank links 15 of the world’s central banks and many of the world’s leading financial institutions. A total of 57 member banks are now settling payment instructions associated with foreign exchange trades through CLS Bank, with 2,038 customers of CLS Bank Members also live. CLS Bank is now settling on average over 500,000 instructions each day, with a gross value in excess of US$3.9 trillion.