Italian bank UniCredit has chosen BNP Paribas for its custody services, aiming to enhance operational efficiency and form strategic partnerships.
This decision sees BNP Paribas’ securities services business becoming the custody service provider for UniCredit in Italy and Germany, with an extension of support into Luxembourg.
Additionally, UniCredit is planning to collaborate with wealth management firm FNZ to create a cloud-based post-trade securities platform tailored for its custody services in Germany. The focus remains on meeting client needs while ensuring regulatory compliance.
Details of the UniCredit and BNP Paribas Partnership
The initiative is led by internal teams within UniCredit, developing new roles in Italy and Germany. Previously, BNP Paribas had worked with Société Générale Securities Services (SGSS) in Italy and Credit Agricole’s CACEIS in Germany for these services.
This partnership comes after UniCredit completed the acquisition of Aion Bank and Vodeno. The total consideration amounted to €376 million, following a deal first announced by UniCredit in July 2024 as part of its strategy to gain full ownership of advanced technology independently.
The closing aligns with the acceleration phase of UniCredit Unlocked, intended for organic growth and market expansion. The transaction also underscores UniCredit’s M&A initiative aimed at enhancing client support across Europe through strategic investments.
