ABLV Bank begins cooperation with EUROCLEAR

July 18, 2011, 12:30 / Banking

ABLV Bank has entered into cooperation agreement and opened securities accounts with Euroclear Bank SA/NV for keeping securities of the bank and its customers.

The total amount of securities in custody and under management of ABLV Group (the total of the bank’s securities portfolio and customers’ securities in custody) is supposed to reach EUR 1 billion soon.

To ensure fast and efficient processing of securities purchase and sale transactions and settlement under those, the best solution is to cooperate with the largest companies in the sector, establishing direct relationship with them, without involvement of intermediaries.

“Securities transactions often are more complicated and involve more business partners than execution of payments. Both in Europe and other countries, securities experts have been long looking for ways to simplify and standardize processing of transactions. Nevertheless, their achievements remain significantly behind innovations and standardization procedures used in the filed of money transfers, where payments reach beneficiaries on the same day or even within several minutes,” told Maris Kannenieks„ Chief Financial Officer of ABLV Bank.

In this field, ABLV Bank has long and successful cooperation with the US State Street Bank, BNP group and other financial institutions. Whereas for the sake of ensuring services under investment transactions in the CIS states, ABLV Bank has established cooperation with a number of partners well acquainted with local market and legislative requirements.

Euroclear specializes in services concerning securities and related cash flow. It is the global leader in post trade services. The overall value of securities placed in custody with Euroclear exceeds EUR 21 trillion. Currently, Euroclear has the highest rating (AA+) in the European post trade sector.

“In a changing economic situation, the safety and stability provided under Euroclear services should be specially emphasized,” said Maris Kannenieks.

Number of Euroclear customers exceeds 2000 – these are financial institutions from about 90 different countries, including major holders of securities and state central banks. This institution engages in relationship with professionals only. Thus, it is an honour to be a customer of Euroclear, which serves as an evidence of a financial institution’s maturity in dealing with securities.

Additional information:
Ilmars Jargans
+ 371 6777 5296
ilmars.jargans@ablv.com