Citi gains BoC Hong Kong for CLS
Citi will provide nostro account services and liquidity to BoC HK to facilitate settlement with CLS Bank.
BoC HK's parent company, Bank of China, became a shareholder bank of CLS Bank in late 2006 (FX Week, October 9, 2006). Acting as a settlement member, BoC HK is closely involved in its parent's global CLS initiative.
Citi was chosen as BoC HK's nostro agent bank through a selective bidding process, which included other service providers. According to BoC HK, Citi was awarded the business on the
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