HSBC Settlement Bank of CDS

HSBC entered into an agreement with Central Depository System Pvt Ltd (CDS), a wholly owned subsidiary of the Colombo Stock Exchange, following HSBC's appointment as a Settlement Bank of CDS.

HSBC is the only foreign bank to be appointed by CDS, to facilitate the latter's move towards a multiple bank settlement system.

The agreements were exchanged between Head of Corporate Banking for HSBC Sri Lanka Chamira Wijetilleke and Chairman of the Colombo Stock Exchange Nihal Fonseka at the Colombo Stock Exchange last Friday.

As a Settlement Bank, HSBC will be responsible for facilitating the settlement process relating to trades between CDS and the accounts of their registered participants. Head of Corporate Banking for HSBC Sri Lanka Chamira Wijetilleke stated, "We are proud to have been recognised for our undisputed capabilities in delivering the best cash management solutions through state of the art systems. HSBC is committed to assisting companies achieve efficient working capital management by optimising internal business processes and improving visibility and control over their cash flows.

As the leader in cash management solutions having won many accolades by Global Finance and Euromoney, we are indeed happy to be appointed as a settlement bank to CDS, and are fully geared to offering stockbrokers efficient, robust and reliable settlement solutions."