Effective value date
22 October 2018
Clearstream Banking1 will appoint The Saudi British Bank (SABB) as its cash correspondent bank (CCB) for the Saudi Riyal (SAR).
Impact on customers
All payments from value date 22 October 2018 must be made to the following account:
| Currency: | Saudi Riyal (SAR) |
| CCB name: | The Saudi British Bank |
| CBL account: | 013-866777-021 |
| SWIFT address: | SABBSARI |
Cash instruction deadlines
Cash instruction deadlines will not change following the change of cash correspondent bank. The applicable deadlines with SABB will be as follows:
Period | Pre-advice | Withdrawal | Transfer | FX |
for Value Date (VD) = Settlement Date (SD) | ||||
25 March 2018 - 27 October 2018 | VD 12:00 | VD 12:00 | VD 20:00 | N/A |
28 October 2018 - 31 March 2019 | VD 11:00 | VD 11:00 | VD 20:00 | N/A |
Note: All times are Central European Time (CET).
Rejection and re-sending of instructions
Customers must continue to make payments for value date before 22 October 2018 to The National Commercial Bank, the last value date for such payments being 18 October 2018. All instructions sent to The National Commercial Bank after 18 October 2018 will be automatically rejected by Clearstream Banking and customers will be required to re-send the initially rejected instructions to SABB from 22 October 2018.
Any instructions sent to SABB before 22 October 2018 will also be automatically rejected by Clearstream Banking. The rejected instructions can only be resent to SABB from 22 October 2018.
Unless otherwise indicated, the above-mentioned deadlines will be valid provided that customer instructions are complete, accurate and eligible for straight-through processing (STP). Customers must also ensure necessary cash provision to ensure timely settlement of their instructions. If these criteria are not met, timely settlement cannot be guaranteed.
Further information
Clearstream’s cash correspondent details relating to the Saudi Riyal will be updated in the relevant documentation on the effective date of this change.
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 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, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.