UniCredit Internalises Securities Services with 54 Specialist Hires from SGSS

UniCredit is internalising its securities services operations by transferring a dedicated business unit and 54 specialist staff from Société Générale Securities Services (SGSS) in Italy. This strategic shift, effective from January 2027, marks a significant move away from outsourcing as the bank seeks to harmonise its back-office processes and improve operational resilience across its European markets.

What was announced

UniCredit plans to integrate a specific business unit from SGSS SpA, involving the hiring of 54 specialist colleagues. These employees are currently responsible for critical back-office functions, including “static” data management, corporate actions and ancillary securities settlement tasks. The transfer is scheduled to become effective no earlier than January 2027, pending the completion of necessary implementation steps and procedures.

This move is part of a broader transformation programme intended to internalise key securities services activities. By bringing these capabilities in-house, UniCredit aims to establish harmonised suppliers and processes across its core markets in Italy and Germany. The initiative is expected to create a more streamlined and scalable operating model, bringing technical processes closer to the end-client and supporting the development of future operating capabilities.

Furthermore, the bank has indicated that this transfer contributes to the creation of more than 200 roles within its securities services transformation programme. This growth will be supported by a combination of external recruitment and internal reskilling initiatives, as the bank builds the technical infrastructure required for its future growth. The transition is being executed in alignment with existing agreements between UniCredit and SGSS.

"This move is an important milestone as we look to transform our securities services operations, bringing key expertise and capabilities closer to our clients and our organisation. We are committed to continue building the in-house capabilities and skills to support a simpler, more resilient and more efficient operating model across our markets."

Gianfranco Bisagni, Group Chief Operating Officer, UniCredit.

The companies involved

UniCredit is a major European banking group headquartered in Milan, with a significant presence across multiple markets, particularly in Italy and Germany. The bank has been undergoing a period of digital and operational transformation to streamline its cross-border activities. Its digital strategy is reflected in its online presence at unicreditgroup.eu, where it outlines its focus on simplifying banking services and enhancing its technical stack. Société Générale Securities Services (SGSS) is the securities services arm of the French financial giant Société Générale. In Italy, SGSS SpA provides a range of post-trade services, including custody, fund administration, and liquidity management. The relationship between UniCredit and SGSS has historically involved the outsourcing of specific back-office functions, a model that UniCredit is now actively evolving. This transfer of specialists represents a pivot in the relationship between the two entities in the Italian market, as UniCredit takes direct control over functions previously managed by SGSS. The move aligns with a broader industry trend where large-scale European banks are reassessing their reliance on third-party providers for core operational data and settlement processes.

What FF News has reported before

FF News has followed UniCredit’s recent efforts to modernise its infrastructure and support the broader European financial ecosystem. In July 2026, the bank made a significant move toward digital transformation by UniCredit Partners with Accenture and IBM to Launch Next-Gen European Banking Platform. This was followed in September 2026 by news that UniCredit Secures ECB Approval for Danish Compromise to Boost Capital Ratios, a move designed to strengthen its balance sheet. The bank has also shown interest in the digitisation of capital markets, as seen when UniCredit Backs VC Trade to Digitise European Digital Debt Markets. Additionally, the UniCredit Foundation Pledges €1.9M to Boost European Economic Research and Talent, highlighting the group's ongoing investment in human capital and economic research.

What this means

This internalisation strategy signals a growing discomfort among Tier-1 banks with the traditional outsourcing model for securities services. By pulling settlement and corporate action expertise back in-house, UniCredit is prioritising control over speed-to-market and operational agility. This puts significant pressure on pure-play securities services providers, who must now prove they can offer more value than a bank’s own internalised unit. It also raises questions about the future of the "hub-and-spoke" model in European banking; if other majors follow UniCredit’s lead in harmonising back-office functions across borders, the market for third-party securities processing could see a sharp contraction as institutions seek to own their data and processes entirely.