ING-Bank of NY alliance has first big custody win
EUROPE - ING and the Bank of New York say their year-old securities services joint venture has won a 900 million-euro custody deal from Hamburg-Mannheimer - its first major win.
The two companies said in a statement that ING/BNY Securities Services has been chosen by the German life insurer to provide global custody services for its 900 million euros in assets worldwide.
"This is the first major win," said Bank of New York spokesman Ivan Royle, adding the venture was created in May 2003. "There's a pretty strong pipeline."
Eric Orlans, head of the alliance, said the appointment "validates" the venture's business model. He said it "demonstrates what is capable when a global organisation forms a relationship with a strong local player".
"We understand the particular benefits of having a local presence while operating in a global market and have now formed a strong foundation on which to build our business in Germany, Benelux and Central Europe."