Friday, March 5, 2021

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Alfa-Bank & First Abu Dhabi Bank: First banks in Russia and the UAE to join CLSNet

  • Emerging market leaders, Alfa-Bank and First Abu Dhabi Bank the first banks in Russia and the UAE to join CLSNet
  • Alfa-Bank and FAB agreed to initiate onboarding to CLSNet, a standardized, automated bilateral payment netting calculation service for over 120 currencies
  • CLSNet standardizes and increases the levels of payment netting in the FX market
  • Alfa-Bank, a leading Russian bank, and FAB, the UAE’s largest bank join the current CLSNet user community of global and regional banks
  • Further, Alfa-Bank and FAB are the first in their respective domiciles of Russia and the UAE joining CLSNet
  • CLSNet will allow Alfa-Bank to further develop its customer base and expand its business in the international market

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