Three Singapore banks join CLS
NEWS
SINGAPORE -- Three Singaporean banks have become shareholders in the CLS Group, which aims to launch a global system for settling FX transactions in 2002.
The banks -- Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC Bank) and United Overseas Bank (UOB) -- have each invested around $5 million -- the average stake in the venture, said a spokesperson for CLS in London.
In addition, the Singapore dollar will become one of the eleven currencies that it will eventually
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