Union Bank of India ties-up with Reuters
Mumbai, July 7: The Union Bank of India (UBI) has tied-up with global financial services provider Reuters, for sourcing information on trading of foreign exchange (RTFX) and bullion (RTfB).
Announcing the tie-up here this morning, UBI CMD M V Nair said, ''The move will help the bank to reduce the cost while increasing the volume of foreign exchange''.
''The tie-up would allow the bank to access existing and new clients. We are pleased to participate on this platform and to leverage the Reuters sales and distribution channel to market Indian Rupee and bullion prices in the country,'' he added.
RTFX currently has the support of 22 price makers and over 500 price takers, who are actively trading on the system around the world.
UBI has become the first public sector bank in the country to reach such kind of tie-up.
Speaking on the occasion, Reuters South Asia Managing Director Samir Shah said that the talks were on with the other public and private sector banks in the country, too, for more such types in the near future.
The bank also announced that it would implement another service of the global financial services provider called Reuters electronic trading for automated dealing (RET-AD) to automate its branch FX transactions in a real-time environment over the bank's intranet.