Socit Gnrale Securities Services (SGSS) has acquired the securities services business of UniCredit Group (2S Banca S.p.A), the Italian Custodian. The completion of the deal means that SGSS now ranks #3 global custodian in Europe, with more than €2,000 billion in assets under custody and close to €380 billions of funds under administration.
The UniCredit Securities Services business acquired by SGSS includes Custody, Clearing & Settlement, Depositary Bank, Fund Administration and Transfer Agency for clients in Italy, Luxembourg, Dublin and Hamburg. A total of 435 staff, of whom 376 are based in Italy, have been transferred to SGSS.
“The deal is part of our strategy to develop our securities services activity, which is one of Socit Gnrale’s drivers for growth,” says Philippe Collas, the CEO of Socit Gnrale Global Investment Management and Services.
“There is a perfect fit between 2S Banca and SGSS, both in terms of teams and product offer as well as in terms of country coverage,” adds Alain Closier, the Global Head of Socit Gnrale Securities Services. “With changing regulation in Italy, the securities services market is opening up and it is definitely among the key European countries for our development”.