ITALY - Société Générale Securities Services has bought UniCrédit’s securities services business 2S Banca for €548m, giving it an extra €455bn in custody assets.

The acquisition of the second largest custodian in Italy, which has almost €80bn in funds under administration, is subject to regulatory approval.

The deal includes custody, clearing & settlement, depositary bank, fund administration and transfer agency for clients in Italy, Luxemburg and Dublin, the French bank said in a statement.

It said it would retain UniCredit’s current organisation and teams in order to ensure continuity in the existing partnerships between UniCredit and its clients.

A total of 435 staff, of which 376 are based in Italy, will be transferred to SGSS.

“This landmark acquisition positions SGSS as a leader with European reach and critical size,” said Philippe Collas, chief executive of SG Global Investment Management and Services.

“It fulfils our strategy geared at strengthening and developing our businesses and will enhance SGSS position as a key player in its markets and as a value growth driver for the SG Group.”

SGSS global head Alain Closier added: “We will serve both UniCredit and Pioneer, its asset management arm, in four key European locations, with a strong growth potential.”

SocGen said SGSS will rank as the number three global custodian in Europe with nearly €2trn in assets under custody and close to €380bn in funds under administration.