CITIC Bank International Limited Joins CHIPS for Wire Payments

Press Release
CITIC Bank International Limited Joins CHIPS for Wire
Payments
CHIPS Adds Fifth, Large Chinese Bank to Global Payments Network
JOE DILLON
Office: 212.613.0164
Mobile: 347.371.2078
joe.dillon@theclearinghouse.org
New York – July 28, 2010 – CITIC Bank International Limited, a member of the
China CITIC Bank Group, is now using CHIPS, the real-time, large dollar payments
system operated by The Clearing House.
“Participation in CHIPS enables CITIC Bank International to support its global
expansion and provide clients with a wire transfer platform that is reliable, secure and
cost-effective,” said Peter Zhao, Head of the US Operations of CITIC Bank
International Limited. “By joining CHIPS, CITIC Bank International will have an
opportunity to accelerate the growth of its dollar clearing business.”
The industry standard in clearing and settling payments for 40 years, CHIPS plays an
integral role in facilitating global liquidity. Serving 50 banks representing 22 countries,
CHIPS is responsible for approximately 95% of international USD clearing. CITIC
Bank International Ltd is one of five Chinese financial institutions on CHIPS.
“CHIPS provides CITIC Bank International with an opportunity to expand its wire
payments business by meeting the increasingly global needs of its customers,” said
Ray Mulhern, Senior Vice President of The Clearing House, responsible for CHIPS
Product Management & Strategy. “The liquidity leverage, resiliency and operational
efficiencies of CHIPS have long been recognized by the world’s major banks. CHIPS
remains committed to helping domestic and international financial institutions and
their customers operate in today’s global economy.”
CHIPS processes 350,000 wire payments daily with a total value of USD1.5 trillion.
Features such as the netting algorithm – a patented process that maximizes the use
of liquidity without incurring daylight overdraft charges – significantly streamline
operations for financial institutions. A single dollar of liquidity turns over up to 500
times a day in CHIPS aided by its netting process.
For more information about CHIPS, please contact Hank Farrar at 336.769.5352 or
hank.farrar@theclearinghouse.org.

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About CITIC Bank International Limited
With roots going back to 1922, CITIC Bank International, a member of the China
CITIC Bank Group (CNCB) and part of the financial services business of the CITIC
Group in Beijing, aims to build the CITIC commercial banking franchise into a world
leading brand. Backed by the strengths of CNCB and strategic shareholder Banco
Bilbao Vizcaya Argentaria, S.A. of Spain, we are CNCB’s overseas platform for
pursuing business expansion in Hong Kong, Asia and internationally.
For more information, please visit www.citicbankintl.com.
About The Clearing House
Established in 1853 and owned by 20 of the largest banks in the United States, The
Clearing House is a leading private sector provider of payments settlement and
clearing services to financial institutions worldwide. The Clearing House processes
nearly 66 million ACH, wire transfer, and image exchange transactions daily with an
average US dollar value of nearly two trillion.
The Clearing House Association, an industry forum and advocacy group for large
banks, has a long, distinguished history of providing an environment for the
collaborative development of legal, regulatory and industry solutions. For more
information, please visit www.theclearinghouse.org.