Société Générale Securities Services buys Squaregain

Société Générale Securities Services buys Squaregain

France's Société Générale Securities Services (SGSS) has acquired UK online retail brokerage Squaregain from Boursorama.

Formerly known as Comdirect UK, SquareGain was acquired by Boursorama - which also a SocGen unit - in August 2005 from Lloyds TSB unit Execution Services Group, which had previously bought the UK business from Germany's Comdirect in June 2004.

SGSS says the unit now processes around 20% of UK retail market trades and the acquisition will enable it to target banks and brokers in the British market.

Follwing the acquisition the unit will be be merged with SGSS's outsourcing division which provides back offices securities services. The subsidiary will be re-named SGSS International Securities Outsourcing Services and will be headed by Philippe Robeyns.

Alain Closier, global head, SGSS, says: "The acquisition of Squaregain will expand our range of services enabling us to offer an integrated solution to banking clients, whether they are in the institutional or the retail or the wealth management space."

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