05/01/03
NEW YORK, N.Y., May 1, 2003 -- The Bank of New York announced today that it has been appointed by Banco do Brasil to provide third party settlement services in connection with Continuous Linked Settlement (CLS). CLSTM is an industry initiative designed to reduce settlement risk.
The Bank of New York was chosen to provide CLS third party settlement services for Banco do Brasil's head office, as well as for its branches in New York, London, and Tokyo. This arrangement will result in the integration and optimization of Banco do Brasil's treasury, trading, cash management, and reporting functions. Banco do Brasil will use SafeSettleSM, The Bank of New York's proprietary Internet link to CLS third party settlement services, to monitor its CLS process on a real-time basis.
Joseph Furnari, senior vice president and manager of The Bank of New York's International Cash Management Sales Group, said, "We are extremely pleased to provide CLS third party settlement services to Banco do Brasil. CLS allows participants to reduce payment messages and associated processing costs, while further increasing operational efficiency and reducing costly investigations."
As of December 31, 2002, Banco do Brasil, headquartered in Brasília, Brazil, is the largest bank in Latin America in terms of both assets and total deposits, offering a broad range of banking, asset management, investment management and leasing services. Banco do Brasil has a presence in 21 countries, over 9,350 domestic service points, the largest ATM network in Latin America and approximately 15.4 million customers.
CLS is a trademark of CLS Group Holdings (incorporated as CLS Services Ltd.).
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