UniCredit is seeking to streamline its custody services in Germany and Italy, which are currently outsourced to Caceis and Societe Generale respectively, reveals a Bloomberg article (paywalled). The pan-European commercial bank is aiming to consolidate everything under a single partner eventually in a bid to reduce costs, improve services, and further streamline its structure.

UniCredit CEO Andrea Orcel is said to be “reviewing outsourcing contracts for services such as custody, payments, asset management and insurance”. The bank has reportedly reached out to firms including BNP Paribas, Societe Generale, and Credit Agricole’s Caceis for proposals,

The bank’s accord with Societe Generale, which gives the French bank a mandate as global custodian for its Italian business, will expire in 2026. For UniCredit’s HypoVereinsbank unit in Germany, Caceis has been providing securities processing and custodial services since 2007.

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Bloomberg’s unnamed sources caution that “the talks are at a preliminary stage and there’s no certainty they will result in an agreement”.