The sale in is in line with ING’s strategic objective of sharpening the focus of the bank and a result of the strategic review of ING Commercial Banking’s business portfolio presented in November 2012.
The transaction includes ING’s local custody and securities services businesses in Bulgaria, the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine.
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The transaction concerns a workforce of around 130 FTEs across the region and approximately EUR110 billion assets held under custody as of the first quarter of 2013.
ING said that it will continue to offer custody services in Poland, where it is an integrated part of the full service banking offering. ING Bank will also continue to offer a wide range of commercial banking products in the Central and Eastern Europe region.
The Dutch group added that the transaction will not impact its retail banking operations or its insurance and investment management businesses in the CEE region.
ING custody services offers a range of products to mainly institutional clients, including safekeeping of securities, settlement of securities transactions and collecting information and income on the securities held under custody.
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By GlobalDataThe transfer, which is subject to customer consent and applicable regulatory approvals, is expected to be completed in the second quarter of 2013.
After implementation, the addition of Bulgaria would extend Citi’s custody network coverage to more than 95 markets and its proprietary custody network would be expanded to 62 markets.
