Italian bank UniCredit has picked BNP Paribas for custody services, under an ongoing push to streamline its operations and partnerships.
Following this announcement, UniCredit has selected BNP Paribas' securities services business as its custody services partner for the regions of Italy and Germany, with additional support for Luxembourg.
In addition, officials of UniCredit also mentioned that the company is set to rely on the wealth management firm FNZ in order to build a cloud-based post-trade securities platform for its custody services business in Germany. Both institutions are set to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the UniCredit x BNP Paribas integration
According to officials of the company, the team managing this new initiative is set to be fully internal to UniCredit, which will develop new roles in the regions of Germany and Italy. BNP Paribas used to partner for these services with Société Générale Securities Services (SGSS) in Italy and Crédit Agricole's CACEIS in Germany.
This announcement follows UniCredit’s conclusion of the acquisition of Aion Bank and Vodeno. Through this move, UniCredit finalised the acquisition for a total consideration equal to EUR 376 million, as the group’s intention regarding these deals was first announced in July 2024, when UniCredit mentioned that closing this would mark a significant move in gaining full ownership of advanced technology, independent of third-party core banking providers.
Furthermore, the closing of this deal fell in line with the new acceleration phase of the UniCredit Unlocked strategy, which was developed in order to allow the group to scale its organic growth and enter additional markets, businesses, and client segments. At the same time, the transaction highlighted UniCredit’s M&A initiative, which focused on the value it can provide with investments that also improve its ability to assist clients and communities across Europe.
