ROME (Reuters) -Italian bank UniCredit said on Monday it would partner with French peer BNP Paribas for custody services, under an ongoing push to streamline its operations and partnerships. The move
UniCredit Partners with BNP Paribas for Custody Services Transition
ROME (Reuters) -Italian bank UniCredit said on Monday it would partner with French peer BNP Paribas for custody services, under an ongoing push to streamline its operations and partnerships.
The move comes after the bank in January announced a decision to bring in-house its back-office activities for securities services, standardising suppliers across countries.
UniCredit used to partner with Société Générale Securities Services (SGSS) in Italy and Crédit Agricole's CACEIS in Germany.
"UniCredit has selected BNP Paribas' securities services business as its custody services partner for Italy and Germany, with additional support for Luxembourg," the Milan-based lender said in a statement.
It also said it would rely on wealth management firm FNZ to build a cloud-based post-trade securities platform for its custody services business in Germany.
The team managing this platform will be fully internal to UniCredit, creating around 140 new roles in Germany, where the service was previously outsourced, and another 60 in Italy.
(Writing by Alvise Armellini: editing by Valentina Za)
