HSBC appointed 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 Central Depository System Pvt Ltd. 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, on Friday January 8, 2010 at the Colombo Stock Exchange. HSBC will commence settlement operations with effect from January 12, 2010.

The exchange of agreement made between Chamira Wijetilleke, Head of Corporate Banking, HSBC and Nihal Fonseka, Chairman, Colombo Stock Exchange

As a Settlement Bank, HSBC will be responsible for facilitating the settlement process relating to trades on the Colombo Stock Exchange between the CDS and the accounts of CDS participants who have opted to settle through HSBC. Head of Corporate Banking for HSBC Chamira Wijetilleke, Sri Lanka 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.

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