Citi triumphs in Asian CLS

The bank last week signed up its fourth client in Taiwan alone — Bank of Kaohsiung, which now joins Union Bank of Taiwan and two other un-named Taiwanese banks as third-party CLS clients of Citi. This means Citi settles their forex trades via its own account with the new settlement system. Citi has about eight clients in total in Asia, including banks based in Hong Kong and Japan, as well as Taiwan. The bank attributed its success in the region to its ability to offer on-the-ground support.