Deutsche Bank has outsourced the back office operations of European Transaction Bank, its clearing and settlement arm, to Xchanging, a specialist outsourcing services firm.

Xchanging has taken a 51% stake and operational control of European Transaction Bank, which processes securities, funds and derivatives transactions for 17 German banks, including Deutsche and private bank Sal Oppenheim. It processes up to around 2 million transactions a day. The new structure has taken six months and will be operational from June 1.