UniCredit has announced the next steps in its operating model transformation as it plans to bring 54 custody experts in Italy in-house from Société Générale Securities Services (SGSS), from January 2027 at the earliest.
It is a group-wide strategy, set out in 2025, in which the bank is internalising back-office operations and technology functions as it looks to scale its operating model for custody delivery, creating more than 200 roles in Italy and Germany.
Germany was the first phase in 2025, where UniCredit created more than 140 new roles and partnered with BNP Paribas as its custody services partner for Italy and Germany, with additional support for Luxembourg, and with FNZ. The new back-office and digital teams will now work with FNZ to build out an industry-leading post-trade securities platform for the bank’s custody services business in Germany. The team is fully internal to UniCredit.
Next is the planned transfer of a dedicated business unit and the related hiring of 54 specialist colleagues from SGSS SpA in Italy to UniCredit, which is expected to become effective not earlier than January 2027, subject to completion of the applicable procedures and implementation steps.
UniCredit is evolving its back office and technology to give it a more scalable operating model foundation and bring it closer to the value chain for clients. By internalising key parts of the securities value chain, the bank says it is “strengthening our in-house expertise, enhancing operational resilience, and accelerating our digital transformation.”
Commenting on the initiative, Gianfranco Bisagni, group chief operating officer, UniCredit, said: “This move is an important milestone as we look to transform our securities services operations, bringing key expertise and capabilities closer to our clients and our organisation.”