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, the G20 banks jointly established CLS Services Ltd in the UK as the project's first dedicated legal entity; other banks were asked for USD 1 million each to join the project as shareholders, as the project building costs were rapidly increasing from an initial estimate of $40m at end-1995. In July 1998, the project had reached an ownership of 60 shareholders in 14 countries, with total commitments of $160m. On , CLS Bank International was established as a New York Edge Act financial institution after the Federal

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