Lloyds, Swedbank Join CLS

Lloyds Banking Group and Swedbank have become settlement members of CLS Group Holdings.

Lloyds Banking Group and Swedbank have become settlement members of CLS Group Holdings, Finextra reports. The lenders, which have been third party customers of CLS Bank members, are seeking to become direct settlement members of CLS Bank.

With the latest addition, the number of banking and financial institutions as shareholders of the multi-currency cash settlement system has risen to 72. Spain’s Banco Santander recently became one of the member banks to settle payment instructions associated with FX trades through CLS Bank.

Click here for the story from Finextra.