Societe Generale Securities Services (SGSS) has completed the acquisition from Boursorama of the retail processing infrastructure of Squaregain Ltd (previously ComDirect UK) which now processes approximately 20 percent of the UK retail market trades.
The newly acquired company will become part of SGSS outsourcing division, which already offers back office securities outsourcing services on equities and related products to the institutional market. With this acquisition, SGSS now broadens its outsourcing offering with a retail brokerage solution in the UK.
Philippe Robeyns, Head of SGSS International Securities Outsourcing Services, is also appointed CEO of the new company, which comprises close to 60 employees.
“We made great headway last year on our institutional offerings and the acquisition of Squaregain will expand our range of services enabling us to offer an integrated solution to banking clients, whether they are in the institutional or the retail or wealth management space,” says Alain Closier, the Global Head of SGSS.
Through this acquisition, Societe Generale Securities Services will offer business-to-business processing solutions to retail banks and brokers in the UK.