Clearstream: BNP And Franklin Templeton To Use Clearstream's Vestima Fund Service

Clearstream Banking on 6 March 2003 announced that BNP Securities Services and Franklin Templeton have become customers of the investment fund processing solution called Vestima. Their decision to use Vestima confirms its growing success and the continued market support for a service that reduces the current inefficiencies in the Investment Funds market.

Richard Willis, Head of Transfer Agency Europe, BNP Securities Services Luxembourg commented: "We at BNP Paribas Securities Services believe Vestima will support our operational efficiency allowing us to concentrate on providing a more extensive range of services to our clients. In today's competitive market Vestima's ability to provide standardised, secure and efficient investment fund processing is a significant step towards the type of market efficiency that all of Europe is aspiring to."

Bill Lockwood, Managing Director, Franklin Templeton Luxembourg stated: "We believe that Vestima provides a solution which will significantly help to reduce the administrative burdens associated with our current shareholder operations and we look forward to significant gains in staff productivity and processing efficiency."

Bruno Zutterling, Director Investment Funds, Clearstream Banking added: "Naturally, we are very pleased by the recent commitment of BNP Paribas Securities Services and Franklin Templeton to use Vestima. They now join the list of biggest names in the investment fund industry who are benefitting from the superior technology and process management capabilities that Vestima offers."

Today, Vestima has over 10,000 funds available on the service and currently covers the majority of the Luxembourg market. Clearstream continues to expand and strengthen its service and is strongly committed to delivering innovative solutions to the Investment Funds community in Europe.