ING Groep NV has agreed to sell its custody services located in seven different countries in Europe to Citigroup SC. The move of the largest financial services company in the Netherlands is to scale back its commercial banking operations.

The operations would include 130 staff members located in Bulgaria, the Czech Republic, Ukraine, Slovakia, Russia, Romania and Hungary. The statement issued by the company did not disclose any financial details. It added that the sale would not have any material impact on its overall results.

The Amsterdam based firm announced last November that it would be cutting down its labor workforce by 1,000 jobs in its commercial banking services unit by 2015. This would result in cost savings by about Eur260 million or US$339 million because of stricter regulatory requirements as well as 'challenging operational conditions.' ING is cutting back on its equity market operations and unwind its leasing business in eleven other countries.