UniCredit to buy back securities-services unit from Societe Generale, document shows

By Reuters News

MILAN, Oct 19 (Reuters) - Italy's second-biggest bank, UniCredit CRDI.MI, has signed an agreement to repurchase its securities-services business from French peer Societe Generale SOGN.PA, 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.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.