Intercontinental Exchange has agreed a €275m deal with Royal Bank of Scotland Group that will give the Atlanta-based company a stake in a critical piece of European financial market infrastructure.

ICE said in a statement on Tuesday that it had bought a 4.7% stake in Euroclear for €275m. In a separate statement, RBS confirmed that it had agreed to sell its entire stake in the Belgium-headquartered settlement house, which is co-owned by more than 100 banks and financial institutions.