Société Générale has agreed to provide cash equities clearing and settlement to ING's wholesale banking unit in London. The deal is SG's first third-party clearing and settlement mandate win.

An ING spokesman said the agreement will enable the Dutch bank to cut costs, which he declined to quantify. Some 20 ING back office staff will transfer to SG and an undisclosed number have been made redundant. ING will retain a middle office.