UniCredit to buy back securities-services unit from Societe Generale, document shows

Business Recorder, citing Reuters, reported that Italy's second-largest lender, UniCredit, has agreed to take back its securities-services arm from France's Societe Generale. The information came from a union paper that Reuters reviewed on Monday. The unit looks after investors' holdings and handles associated administrative tasks, and it employs 54 people in Milan and Turin.

Societe Generale had bought UniCredit's securities services unit in 2006, creating a long-term partnership under which the French lender handled those services for the Italian bank. That arrangement was renewed in 2017 and runs until 2026. According to the document, UniCredit wants to take in-house activities it regards as strategic, and this transaction forms part of that effort.

The document argues that bringing the securities handling in-house would reduce the reliance on an outside provider and make better use of the business's data. Neither UniCredit nor Societe Generale had responded to requests for comment when the report was published, and no financial terms of the agreement were disclosed. The story does not name any Pakistan Stock Exchange company.