RBS WINS EXTENSION OF CLEARING CORPORATION OF INDIA SETTLEMENT SERVICES BUSINESS

Posted September 12, 2008

EDINBURGH – The Royal Bank of Scotland Group (RBS) will extend a previous mandate of the ABN AMRO international transaction banking business it has acquired, to provide US dollar settlements and clearing services for The Clearing Corporation of India Ltd. (CCIL), the leading central clearing and settlements facility in India.

“We awarded this follow-on business to RBS as we were delighted by the high quality of service we had received for over five years. In particular, we were impressed by their superior clearing solution, ability to customize software, reliability, willingness and flexibility to assist an evolving operational infrastructure and liaise with the Federal Reserve,” says Indirani Rao, Head of Forex Operations at CCIL. “Through our partnership with RBS we are able to provide a world class USD/INR clearing and settlements service.”

CCIL was set up by the Reserve Bank of India to guarantee the settlement of debt and FX transactions by being the central counterparty to trades between parties, but also providing multi-lateral netting services to its members. CCIL is the central clearing agency for dollar-rupee interbank payments for the Indian banking industry.

“The renewal of this prestigious contract demonstrates how our dedicated teams in India and across the globe worked very closely with CCIL to ensure an excellent and consistent product and service is provided,” says Brian Stevenson, Chief Executive, Global Transaction Services, RBS.