ABN AMRO has implemented Capitalia as a fully live Continuous Linked Settlement third party services client. Capitalia is the first CLS third party bank to go live in the Italian market. The bank was launched on July 1, 2002 following the merger and reorganization of the former Bancaroma and Bipop-Carire groups. Capitalia is the fourth largest Italian banking group in terms of deposit gathering and loans to customers and boasts 2,000 branches and 5 million clients. Joerg Pinkernell, Head of the CLS Development Group in ABN AMRO’s Working Capital business, said: ‘We have gained valuable experience throughout the implementation process that will assist us in fine-tuning how we deliver our CLS offering to the requirements and needs of third parties.’ Clients for ABN AMRO’s third party CLS settlement services also include Anglo Irish Bank, Bear Stearns and Deutsche Postbank. The bank said that another forty institutions are currently waiting to undergo testing.
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