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February 11, 2010

SNS Bank, BinckBank Sign Letter Of Intent For Outsourcing

SNS Bank, a Netherlands-based bank and BinckBank have signed a letter of intent for outsourcing the execution and administration of securities transactions of customers of SNS Bank.

By CBR Staff Writer

The letter of intent involves outsourcing SNS Bank’s total securities-related process for both investment fund and stock exchange investments. BinckBank professional services’ platform will provide SNS Bank with processing of securities transactions and the ensuing administrative handling for its customers.

Once an agreement has been reached, the implementation of the outsourcing is expected to be finalised early 2011.

Henk Kroeze, chairman of the board of directors at SNS Bank, said: “SNS Bank aims to be the best in selection, servicing and distribution for both investment fund investors and independent investors. Outsourcing the process that extends from transaction to administrative processing to BinckBank fits in with this strategy.

Utilising BinckBank’s outstanding services will enable us to organise this process in the most efficient way possible for our customers. What’s more, there will be no visible changes for customers in terms of the way they process securities transactions through SNS Bank.”

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Pieter Aartsen, member of the management board at BinckBank, said: “We are delighted that SNS Bank has selected our Business Process Outsourcing (BPO) services.”

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