UniCredit announced a planned transfer of a dedicated Italian securities-services business unit and 54 specialists from Société Générale Securities Services to the Milan-based lender. The move is expected to take effect no earlier than January 2027, subject to applicable procedures and implementation steps. UniCredit said the initiative is being implemented under agreements reached with SGSS.
Reuters reported that UniCredit outsourced the operation to Société Générale in 2006, when the unit had 435 staff. The current business carries out administrative work connected with the custody and settlement of investors’ securities. Société Générale has nearly €6 trillion of assets under custody across its broader securities-services franchise, according to Reuters.
THE OPERATING MODEL RETURNS IN-HOUSE
The specialists covered by the planned transfer handle static-data management, corporate actions and ancillary settlement tasks. UniCredit said bringing those functions in-house would align suppliers and processes across Italy and Germany. The bank expects the change to create a more streamlined and resilient operating model.
The 54 employees are due to move from SGSS to UniCredit as part of the transaction. UniCredit said the wider securities-services programme is associated with more than 200 roles, including external hiring and the retraining of existing staff. No financial consideration for the transfer was disclosed in the sources reviewed.
IMPLEMENTATION MOVES INTO 2027
The transaction returns a specialised operation to UniCredit after two decades under Société Générale. It also advances the Italian lender’s stated plan to internalise selected back-office functions rather than alter its customer-facing banking franchise. Société Générale has separately described Italy as a strategic market for its remaining operations.
The next milestone is completion of the applicable procedures and implementation work before the transfer can become effective, which UniCredit said would be no earlier than January 2027. Execution will determine whether all 54 specialists move as planned and how quickly the wider programme creates more than 200 roles. Any later change to timing or scope would require fresh confirmation from the parties.