UK - The securities services business of Société Générale, Global Securities Services for Investors (SG GSSI) has won an outsourcing deal from ING Wholesale Banking in the UK.
SG GSSI will handle the securities back-office processing of ING Wholesale’s London booked global clearing and settlement equities business.
The deal marks SG GSSI’s first client win in the area of securitiesservicing for investment banks, an area ripe for growth said Alain Closier, global head of SG GSSI.
Currently SG GSSI is resourced to handle all equity related back office servicing, but will develop its infrastructure to deal with fixed income in the future.
Like all securities servicing operations, SG GSSI will need to build scale to be more cost effective, but it also recognises the importance of flexibility and being able to meet client demands.“We are not looking to build systems from scratch,” said Mark Newby, global head of sales, SG GSSI. Instead the group’s infrastructure allows for plug-ins and has been built for external clients to allow for ease of integration.
Newby emphasised that SG GSSI is uniquely positioned to offer cross-border outsourcing. The ING Wholesale outsourcing deal will cover 30 markets internationally, including some emerging markets.ING Wholesale will transfer around 20 staff to SG GSSI in the deal.
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