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SocGen steps up post-trade processing
28 October 2013
Accenture to provide securities processing back office ops for the bank. First phase is now complete
Societe Generale Corporate & Investment Banking has completed the first phase of its transfer of securities processing back-office operations to Accenture Post-Trade Processing.
Societe Generale said the deal, which will see Accenture Post-Trade Processing manage back-office securities processing for the bank, including including settlement, asset servicing, reference data, reconciliation and administrative accounting, would help it improve competitiveness, make it more adaptable to changes in regulation and market infrastructure, and reduce costs.
Christophe Leblanc, chief operating officer, corporate & investment banking, private banking, asset management and securities services, Societe Generale, said: “We are very pleased with this initiative to create a new securities back-office outsourcing solution for investment banks in Europe and Asia-Pacific.
"Accenture Post-Trade Processing will allow us to deliver top-level services to our clients while being price-competitive with the largest players in the industry.”
Already, a number of Societe Generale employees, with post-trade processing skills relevant in more than 50 financial markets, have joined Accenture Post-Trade Processing.
In the next phase of the deal, which was signed in July, Accenture Post-Trade Processing will transfer SG CIB’s securities processing to a new platform. As well as leading to greater operational efficiencies, the platform is designed to quickly and efficiently launch new financial products and enter new markets.
Eugenio Bonomi, senior managing director and head of Accenture Post-Trade Processing said: “In an increasingly competitive and capital-intensive industry, this new approach to post-trade processing will help the bank meet its efficiency and client service objectives.
"Our longstanding relationship with Societe Generale Corporate & Investment Banking and understanding of the global investment banking business is helping make this a seamless transition.”