ING Wholesale Banking, part of Dutch financial services group ING, is outsourcing its equities clearing and settlement operations in London to France's Société Générale.
Under the deal, around 20 ING staff in London will transfer to Société Générale.
Société Générale's recently-formed global securities services for investors (GSSI) unit will provide ING with outsourced clearance and settlement processing for the transactions of both its proprietary and institutional clients. GSSI will also provide trade confirmations and settlement statements.
Financial terms of the outsourcing deal were not disclosed.
ING Investment Management recently outsourced middle office trade processing services for its operations in the Hague to the Bank of New York.