Societe Generale Selects Broadridge BPO/Technology Solutions

From Lake Success, New York, Broadridge Financial Solutions reports that Societe Generale has chosen it as one of its key strategic partners for a range of technology and outsourcing services for the firm's US broker-dealer, SG Americas Securities, LLC.

Broadridge says that Societe Generale is leveraging this strategic partnership to support the growth of its US market businesses. In doing so, it will utilise Broadridge's industry-leading institutional securities processing platform, including Broadridge's Business Process Outsourcing (BPO) solution.  

Broadridge goes on to say that a key component of Societe Generale's US growth plan was to build a fixed income business and become a Primary Dealer, which it did in February 2011. It adds that a critical part of this achievement was the firm's implementation of impact, Broadridge's proven fixed income solution, which is utilised by over 81% of the Primary Dealers who outsource and is becoming the de facto industry standard for any firm trading fixed income securities.  

"When we were looking for a partner, Broadridge came in, listened to our specific needs and crafted a custom technology solution along with staffing resources to support and enhance Societe Generale's back-office functions," says Mark Kaplan, chief operating officer for Societe Generale Corporate & Investment Banking in the Americas. "Using Broadridge's solutions not only enables us to redeploy our internal resources to new strategic growth areas, but we are now better equipped to grow and scale our business at predictable price points," Kaplan adds.

This July, resumes Broadridge, Societe Generale went live on BPS, Broadridge's back-office processing system, supporting real-time processing of its US equities, options, and stock loan activities. This partnership, it says, will enhance Societe Generale's global trading operations by streamlining processes, such as: trade initiation, confirmation, payments, corporate actions and statements between their domestic and international offices ensuring that all their regulatory reporting and other back-office requirements are met.   

"Unique to the financial services market, Broadridge's BPO services include an experienced team with extensive industry knowledge and best-in-class performance levels," states Joe Barra, president, international securities processing and global outsourcing solutions, Broadridge. "Societe Generale's decision to deploy our platform is testament that we deliver the scale, cost-efficiencies, accelerated time-to-market and competitive edge global banks and broker-dealers seek in today's competitive marketplace," he concludes.