UPDATE 1-Stora Enso in outsourcing deal with CapGemini

*Stora to outsource financial transaction processing to CapGemini *to significantly cut costs *to affect 300 jobs

(Adds details)

HELSINKI, Nov 5 (Reuters) - Top European paper and board maker Stora Enso (STERV.HE) said on Wednesday it would outsource most of its financial transaction processing operations to CapGemini (CAPP.PA).

"This is a step in the restructuring of the Group's finance function ... together with Stora Enso's other restructuring plans in response to increasing costs and to safeguard long-term profitability," Stora said in a statement.

"It will significantly reduce the costs of the finance function and improve the quality of financial operations," it said.

Stora said the move would affect some 300 people over 2009.