Citi’s Global Transaction Services has announced that it has signed an agreement with Bank of China (Hong Kong) (BOCHK) to appoint Citi as its continuous linked settlement (CLS) nostro agent for US dollar. Under the agreement, Citi will provide nostro account services and liquidity to BOCHK to facilitate CLS settlement with CLS Bank, the industry-operated foreign exchange cooperative, owned by 69 shareholder banks. BOCHK’s parent company, Bank of China Limited, became a shareholder bank of CLS Bank in late 2006. Acting as a settlement member, BOCHK is closely involved in its parent’s global CLS initiative. Citi was selected as BOCHK’s Nostro Agent Bank through a selective bidding process that included other major service providers.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.