Societe Generale Securities Services (SGSS) has renewed its global custody deal with UniCredit, extending its mandate for another seven years.
Both banks have signed a memorandum of understanding to extend their strategic partnership on securities services, covering custody, settlement and market data management services.
“We decided to extend a long and successful partnership with SGSS to allow UniCredit to benefit from our partner’s expertise in the best interest of our customers and in line with the Transform 2019 objectives,” said Ranieri de Marchis global co-COO, UniCredit.
Societe Generale and UniCredit have been outsourcing partners since 2006, following the sale of 2S Banca, UniCredit’s securities services business, to the French bank for €579.3 million.
Two years later, it announced the second acquisition following the announced acquisition of Capitalia Group’s clearing, custody, depository bank and fund administration business from UniCredit to SGSS for €195 million, increasing its assets under custody in Italy at the time by €102 billion.
As part of the acquisition, SGSS would become the exclusive provider in Italy of securities services provider to UniCredit businesses and subsidiaries, including its Italian asset manager at the time Pioneer Investments.
“The deal underlines SGSS’s commitment to help its customers navigate in a financial environment undergoing changes and provide them with high quality services,” added Bruno Prigent, global head of Societe Generale Securities Services.
Earlier this year, SGSS appointed Lucrezia Brucoli as head of coverage to support business development, with a remit focused on Southern Europe.