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(From Financial News (Daily))
ADP Brokerage Services Group, the transaction services company, has inked two outsourcing deals with WestLB to process the German bank's treasury functions in London and debt instruments worldwide.The deals mark one of the first large scale forays into Europe for the outsourcing company which is well established in US banking circles and counts WestLB as a client in North America. European banks have been slower in the take up of money-saving outsourcing services because of the lack of breadth of outsourcing providers and inappropriate coverage in terms of products and geographies, according to a KPMG report earlier this year.
The deal follows a reorganisation of ADP Brokerage Services Group's sales force in Europe and North America. In July the firm made a number of key appointments in the US and made Paul Thomas responsible for European and Asian sales efforts.
WestLB in London is set to begin using ADP/OMR's Trade Thru solution for its foreign exchange and money market transactions. TradeThru will assist the German bank's automation of front to back office ...