Fritz Klein, currently executive director and head of group services and strategic projects at SIS Group, has been elected as the new chairman of the board of directors of CLS Group and CLS Bank International (CLS Bank).
Klein was nominated for the CLS Board by Credit Suisse First Boston. He succeeds Suzanne Labarge, vice chairman at Royal Bank of Canada, who has chaired the group since June 2001.
Joseph De Feo, CEO of CLS Group and president and CEO of CLS Bank, says during her tenure, Labarge has seen the group through the most important and critical period in its development, culminating in the launch of the CLS Bank service in September 2002.
"We now move into the next phase of CLS Group’s development, as we look to build volume, bring on more Settlement Members and shareholders, and develop the service further," he says.
He adds that the CLS Group has also broadened its shareholder base and plans to improve the CLS settlement service by adding six new currencies, subject to regulatory approval, and enable custodians to settle their fund management client's foreign exchange transactions through CLS Bank.