UniCredit calls in BNP Paribas and FNZ for next phase of securities services revamp

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The latest stage of the initative to harmonise the Italian lender’s set-up across Italy and Germany follows an announcement in January of plans to bring its back-office activities for securities services in house, standardising its operations and suppliers across countries and creating more than 200 new jobs in the process.

Under the plans, BNP Paribas will act as the italian bank’s custody services partner for Italy and Germany, with additional support for Luxembourg.

At the same time, new back-office and digital teams will begin work with FNZ to build out a post-trade securities platform for the bank’s custody services business in Germany.

The team managing the platform will be fully internal to UniCredit, creating more than 140 new roles in Germany, where the service was previously mostly outsourced, and a further 60 roles in Italy. On top of this, another 25 roles have been created within the digital team across Italy, Germany and Poland to support the process, with more to come, while a cross-functional project team is already working on the transition.

Marion Höllinger, CEO of UniCredit-owned HypoVereinsbank Germany, comments: “By internalising key parts of the securities value chain, we are making a strategic investment in one of our most critical product areas. We are strengthening our in-house expertise, enhancing operational resilience, and accelerating our digital transformation.”