Euroclear Bank Expands Currency Choice Via The Bank Of New York Mellon Gateway

Euroclear Bank has selected The Bank of New York Mellon’s Treasury Services to provide multicurrency payment and foreign-exchange services for five currencies in the Middle East and Africa. Effective 25 February 2008, the following currencies will be eligible as settlement currencies in Euroclear Bank:

• United Arab Emirates Dirham (ISO currency code: AED)
• Saudi Arabian Riyal (SAR)
• Qatari Riyal (QAR)
• Bahraini Dinar (BHD)
• Egyptian Pound (EGP)

Luc Vantomme, Managing Director and Euroclear Bank’s Head of Network Management and Banking, stated: “Euroclear Bank clients have a greatly expanded network of currencies in which to do business via a tried-andtrusted agent with local market expertise. The decision to select The Bank of New York Mellon as a global cash network provider for these new settlement currencies is based on its exemplary record in providing service completeness, coupled with highly competitive local market deadlines for money transfers. It also marks an important step for issuers from the increasingly important financial centres across the Arabian peninsula and in Egypt to attract global investors to settle international securities trades in these currencies. Furthermore, our clients can expect an even better and broader service offering in 2008, with more currencies currently under consideration.”

Eric D. Kamback, Executive Vice President and Deputy Head of Treasury Services at The Bank of New York Mellon, said: “We are particularly pleased that we are able to provide multi-currency payment services to Euroclear Bank. This mandate strengthens and expands our Treasury Services relationship with Euroclear Bank. The Bank of New York Mellon has developed a uniqueposition in providing these payment services in a large array of currencies worldwide.”