Italian bank UniCredit has announced plans to bring its back-office activities for securities services in-house. The restructuring effort aims to “simplify its operations and evolve its securities set-up”, claims the firm in a press release. The move will centre around the bank’s offices in Germany and Italy.

UniCredit intends to build a back-office platform for its custody services that will initially focus on bringing operations in-house in Germany. The bank’s custody services in the country are currently mostly outsourced. Teams to manage these operations will be staffed with new hires as well as existing employees who have been re-skilled. The move is expected to create more than 140 jobs in Germany. More than 60 roles will also eventually be created in Italy.

UniCredit reveals that the restructuring is a part of a “group-wide optimisation” of its securities set-up. The goal is to build a “standardised approach across Italy and Germany, underpinned by common partners and a modern platform”.

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