(Finance) – UniCredit announced today its intention to internalize back office operations relating to securities custody in Italy and Germany, standardizing the structure and suppliers, with an operation that will create over 200 new job opportunities. The internalization will involve the creation of a back-office technological platform for the bank’s securities custody services business, initially focused on Germany, and the use of new resources for the internal management of these operations.
The decision – UniCredit said in a note – will lead to the creation of more than 140 new job opportunities in Germany, where previously the service was mostly outsourced. And others 60 in Italy, drawing on both the market and the reskilling program that the bank recently agreed with the unions.
The move is part of aGroup-wide optimization of the securities custody service, with the aim of creating a standardized approach in Italy and Germany, supported by common partners and a modern technological platform. This will enable a more secure, flexible and cost-efficient basis for the provision of custody services, greater proximity to customers and agility in execution.
The Group emphasizes that it is in close contact with workers’ representatives in both countries to define the necessary next steps. “We continue to focus on simplifying our business by internalizing value chains
and – he declared Richard Burton, head of Client Solutions at UniCredit – leveraging our scale so we can become more impactful on behalf of our clients. This latest move into custodial services is a further step in that direction, giving us a stronger and more flexible foundation to meet our customers’ needs.”
“We are constantly developing our processes and examining whether it makes sense to build expertise internally rather than outsource. We see great potential in custodial services to strengthen our operations in Germany and at the same time maximize synergies across the Group,” he said. Marion Höllinger, CEO of HypoVereinsbank.