ING and The Bank of New York today announced that they intend to create a European commercial alliance. The alliance will focus on sales, marketing and servicing of global custody and related services, such as compliance monitoring, investment accounting, performance measurement and analytics to institutional clients in Germany, the Benelux and Central and Eastern Europe.
Simultaneously, ING Investment Management (IIM) is appointing The Bank of New York as its global custodian. The Bank of New York will provide global custody services for the global assets of IIMÂ'Â's Benelux, operations, encompassing approximately EUR 90 billion. Once the alliance is effective, these global custody services will be provided trough the new partnership. Dutch sub-custody services for BNY, for these assets and the alliance will be provided by ING Bank. This will complement the long-standing sub-custody relationship between The Bank of New York and INGÂ'Â's Belgian subsidiary BBL.
Mr. Michel Tilmant, vice-chairman executive board ING Group responsible for ING Europe said, 'We are delighted to enter into an alliance with one of the worldÂ'Â's premier securities services. The Bank of New YorkÂ'Â's global range of securities services enables us, via this commercial alliance, to attract new clients and continue to service them as their requirements evolve and become more sophisticated. This initiative is further evidence of INGÂ'Â's commitment to the Securities Services business.'
Gerald L. Hassell, president of The Bank of New York, said, 'We are delighted to be entering into an alliance with an institution of the global stature of ING. Our complementary strengths, The Bank of New YorkÂ'Â's global leadership in securities servicing and INGÂ'Â's local presence, expertise and market knowledge will create a powerful new force in European Securities Services. The provision of global services to IIM again illustrates The Bank of New YorkÂ'Â's product leadership and commitment to securities servicing.'
On September 5, 2002, ING and The Bank of New Yrok announced a global arrangement to outsource INGÂ'Â's international cash equities clearing and settlement operations to The Bank of New York in London, New York, Hong Kong and Singapore.