Major bank: UniCredit takes back securities business from Societe Generale
The Milan-based bank wants to take back activities it considers strategic. This is intended to reduce dependence and improve the use of business data.
UniCredit is planning to buy back its securities services business from Societe Generale. According to a union document seen by Reuters, this move aims to take back control of strategic activities and reduce dependence on an external provider. The business, which handles securities for investors, was sold by UniCredit to Societe Generale in 2006, with a service agreement in place until 2026. The unit has 54 employees in Milan and Turin. Financial details of the deal are not disclosed.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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