Italian banking group UniCredit and Societe Generale Securities Services (SGSS), the Italian unit of French lender Societe Generale, have signed a memorandum of understanding (MoU) to extend their partnership on global custody for an additional seven years.

The agreement, which dates back to 2006, involves custody, settlement as well as market data management services and will now run until 2026.

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Commenting on the move, UniCredit global co-COO Ranieri de Marchis said: “We decided to extend a long and successful partnership with SGSS to allow UniCredit to benefit from our partner’s expertise in the best interest of our customers and in line with the Transform 2019 objectives.”

SGSS offers post-trade services including custody, trustee and fund administration services in Italy, where it has been present since 12 years.

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