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UniCredit to buy back securities-services unit from Societe Generale, document shows - Finance news and analysis from Global Banking & Finance Review
Finance

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

Published by Global Banking & Finance Review

Posted on October 19, 2026

2 min read

· Last updated: October 19, 2026

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UniCredit Signs Deal to Repurchase Securities-Services Unit in Milan and Turin

UniCredit's Strategic Move to Reacquire Securities-Services Business

Background of the Agreement

MILAN, Oct 19 (Reuters) - 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.

Details of the Securities-Services Unit

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.

History of the Partnership

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.

Strategic Rationale Behind the Repurchase

In-House Activities as a Strategic Priority

UniCredit is seeking to bring in-house activities it deems strategic, and the transaction is part of that effort, the document said.

Benefits of Internalizing Securities Services

Handling the securities itself will reduce the need for an external supplier and improve use of the business' data,

Responses and Reporting

Comments from the Parties Involved

UniCredit and Societe Generale did not immediately respond to requests for comment.

(Reporting by Valentina Za; Editing by Cynthia Osterman)

Key Takeaways

  • UniCredit sold its securities‑services unit (2S Banca) to Société Générale in 2006 for approximately €579 million, along with a long‑term outsourcing pact covering custody, settlement, fund administration and related services (unicreditgroup.eu).
  • That outsourcing agreement was extended in November 2017 via a memorandum of understanding for seven more years, pushing its expiration to 2026 (unicreditgroup.eu).
  • Repurchasing the unit—currently staffed by 54 people in Milan and Turin—is part of UniCredit’s broader strategy to bring strategic operations in‑house, reduce reliance on external providers, and better leverage its business data (societegenerale.it).

References

Frequently Asked Questions

What is UniCredit buying back from Societe Generale?
UniCredit is buying back its securities-services business from Societe Generale, which manages investors' securities and related services.
Why is UniCredit repurchasing its securities-services unit?
UniCredit aims to bring in-house strategic activities, reduce reliance on external suppliers, and improve business data usage.
How many staff are involved in the repurchased unit?
The securities-services business has 54 staff in Milan and Turin.
When did Societe Generale acquire UniCredit's securities-services unit?
Societe Generale bought UniCredit's securities-services unit in 2006.
Until when was the supply contract last renewed?
The supply contract for securities-services was last renewed in 2017 and was set to continue until 2026.

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