23 August 2017
Visit http://response.ncr.com

ING to consolidate central European back offices in Budapest - DJN

08 July 2003  |  3238 views  |  0 ING Group Amsterdam HQ

Dow Jones is reporting plans by ING to set up a central European processing centre in Hungary within the next month as part of a global effort to consolidate back office operations group-wide.

The new central European processing centre will handle back office activities for Austria, Bulgaria, the Czech Republic, Hungary, Romania and Slovakia, says the wire report. It will process domestic and international transfers, credit transactions, foreign exchange operations, and other financial transactions currently handled separately in each country.

At a press conference announcing the initiative, ING's director for international operations Erik Dralans, is quoted as saying: "We picked Hungary for several reasons. It has highly qualified labour, young people that speak many languages and low cost level."

The move is part of a group-wide effort to consolidate back office operations across 40 seperate centres into four regional hubs. Other centres will be located in Amsterdam, Singapore, and the Americas.

The Budapest centre will cost HUF500 million, says the Dow Jones report, with the Hungarian government contributing HUF180 million as an an investment incentive and for training purposes.

The newswire says the unit will initially employ 130 staff, but will be expanded to 400 by the end of 2005.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ING Canada in Linux deal with IBM; acquires 100% ownership in DiBa

ING Canada in Linux deal with IBM; acquires 100% ownership in DiBa

03 July 2003  |  3734 views  |  0 comments
ING-CHB selects Thomson's Portia for portfolio management

ING-CHB selects Thomson's Portia for portfolio management

01 July 2003  |  3290 views  |  0 comments
ING signs with Schlumberger for combined EMV and e-purse cards

ING signs with Schlumberger for combined EMV and e-purse cards

26 June 2003  |  5062 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12911 views comments | 27 tweets | 23 linkedin
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
12802 views comments | 27 tweets | 66 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11571 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10755 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10680 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job