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UniCredit Reclaims Securities Unit From SocGen
20 Oct
Summary
- UniCredit is repurchasing its securities-services business from Societe Generale.
- The deal aims to bring strategic activities back in-house for UniCredit.
- Societe Generale originally bought the unit from UniCredit in 2006.
UniCredit has entered into an agreement to buy back its securities-services business from French bank Societe Generale. This transaction is part of UniCredit's strategy to bring activities deemed essential back under its direct control.
The unit, which manages investors' securities and administrative services, employs 54 people in Milan and Turin. Societe Generale had originally purchased this business from UniCredit in 2006, subsequently forming a long-term partnership for these services. The existing supply contract is valid until 2026, having been last renewed in 2017.
By reintegrating these operations, UniCredit anticipates a reduced need for external suppliers and improved utilization of business data. Neither UniCredit nor Societe Generale immediately provided comments on the agreement.
