MILAN: Italy’s second-biggest bank, UniCredit, has signed an agreement to repurchase its securities-services business from French peer Societe Generale , according to a union document seen by Reuters on Monday.
The unit, which looks after investors’ securities and handles related administrative services, has 54 staff in Milan and Turin, according to the document, which did not provide any financial details of the agreement.
Societe Generale bought UniCredit’s securities services unit in 2006, striking a long-term partnership to handle those services for the Italian bank.
The supply contract was last renewed in 2017 until 2026.
UniCredit is seeking to bring in-house activities it deems strategic, and the transaction is part of that effort, the document said.
Handling the securities itself will reduce the need for an external supplier and improve use of the business’ data, UniCredit and Societe Generale did not immediately respond to requests for comment.