UniCredit has announced partnerships with BNP Paribas and wealth management platform FNZ in the next step of its securities services revamp. The bank has selected the former as its custody services partner, and the latter as its collaborator in building a cloud-based post-trade securities platform.
This development follows the bank’s announcement in January that it plans to bring back-office operations for its securities services in-house. BNP Paribas will be the custody partner for Italy and Germany while also providing additional support for Luxembourg. According to a press release from UniCredit, the move is expected to create more than 200 jobs within the bank across its Italian, German, and Polish offices.
The new in-house team will work with FNZ to build a post-trade securities platform for the bank’s custody business in Germany. The aim is to enhance operational efficiency and accelerate innovation.
UniCredit’s group chief operating officer Gianfranco Bisagni says, “We are fully committed to harmonising and simplifying our set-up across UniCredit to provide a more secure, flexible, and cost-efficient foundation for the delivery of custody services.”
