ING creates global equity products unit 09 January 2012Amsterdam Reporter: Anna Reitman
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In a bid to boost sales and cut costs, ING has merged cash equities, equity derivatives and global securities finance into one unit, reports Bloomberg.
The new unit includes part of the equity capital markets business, excluding mergers and acquisitions. The integration will take about two to three years to be completed and the management is led by John Wills, who previously co-headed ING’s securities finance business, said Carolien Van der Giessen, spokeswoman for the bank and insurer, speaking to Bloomberg.
“As well as revenue-enhancing benefits, significant cost synergies will be created in conjunction with enhanced risk management and more efficient capital utilisation,” ING said. Global Equity Products will employ about 300 people and will hire product specialists to increase sales and research, Van der Giessen told Bloomberg.
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