United Arab Emirates and Bahrain: Change in AED and BHD cash correspondent banks
Effective
23 March 2015
Standard Chartered Bank will take over, from HSBC Dubai and HSBC Bahrain, responsibility for Clearstream Banking’s1 cash correspondent bank (CCB) services for the United Arab Emirates Dirham (AED) and the Bahraini Dinar (BHD).
Impact on customers
All payments from value date 23 March 2015 must be made to the following accounts:
| Currency: | United Arab Emirates Dirham (AED) | Bahraini Dinar (BHD) |
| CCB name: | Standard Chartered Bank, Dubai, UAE | Standard Chartered Bank, Bahrain |
| CBL account: | AE26 0440 0000 0820 9920 701 | BH21 SCBL BHD0 1902 8665 01 |
| SWIFT address: | SCBLAEAD | SCBLBHBM |
Cash instruction deadlines
United Arab Emirates Dirham (AED)
| Period | Pre-advice | Withdrawal | Transfer | FX |
| for Value Date (VD) = Settlement Date (SD) | ||||
| 23 March 2015 - 28 March 2015 | VD 11:00 | VD 11:00 | VD 20:00 | VD-2 11:30 |
| 29 March 2015 - 24 October 2015 | VD 12:00 | VD 12:00 | VD 20:00 | VD-2 11:30 |
Bahraini Dinar (BHD)
| Period | Pre-advice | Withdrawal | Transfer | FX |
| for Value Date (VD) = Settlement Date (SD) | ||||
| 23 March 2015 - 28 March 2015 | VD 08:30 | VD 08:30 | VD 20:00 | VD-2 11:30 |
| 29 March 2015 - 24 October 2015 | VD 09:30 | VD 09:30 | VD 20:00 | VD-2 11:30 |
Note: All times are Central European Time (CET).
Rejection and re-sending of instructions
Customers must continue to make payments to HSBC Dubai and HSBC Bahrain, the last value date for such payments being 20 March 2015. All pending pre-advices at the end of business day on 20 March 2015 will be cancelled.
Any instructions sent to SCB Dubai and SCB Bahrain before end of day on 20 March 2015 will be rejected by Clearstream Banking and customers will be required to re-send the initially rejected instructions to SCB Dubai and SCB Bahrain respectively from 21 March 2015 for value date from 23 March 2015 onwards.
Unless otherwise indicated, the new deadlines will be valid, upon implementation on 23 March 2015, provided that customer instructions are complete, accurate and eligible for straight-through processing (STP). Customers must also ensure they have the necessary cash provision. If these criteria are not met, timely settlement cannot be guaranteed.
Further information
The cash correspondent details relating to the AED and BHD will be updated in the relevant documentation on the effective date.
For further information, customers may contact Clearstream Banking Client services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.