ING and BoNY enter European alliance
EUROPE- ING and the Bank of New York are to create a European commercial alliance focusing on sales, marketing and servicing of global custody and related services. The alliance will see the two entities jointly offering services to institutional clients in Germany, the Benelux and Central and Eastern Europe over the next few months.
Says a spokesman for Bank of New York: “BoNY has been following a growth strategy in Europe, and has maintained that an alliance model would be preferred. ING, being Dutch in origin, has the local experience for the markets that we wish to serve. This will complement BoNY’s global expertise and technology, and vice versa.”
When the alliance takes effect, ING Investment Management will appoint the bank of New York as its global custodian for its Benelux operations, encompassing approximately e90bn. The global custody services will be provided through the new partnership, making ING IM the first client of the alliance.
“The services offered to the alliance’s first client ING IM will provide a local and global model, which should work as a platform from which to fully launch the jointly managed products," adds the Bank of New York spokesman.
ING and the Bank of New York have recently worked closely together. In September, the two parties announced that ING would be outsourcing its international cash equities clearance and settlements in London, New York, Hong Kong and Singapore to the Bank of New York.