The Wall Street Journal-20080213-UniCredit Group- Societe Generale to Buy Securities Operations

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UniCredit Group: Societe Generale to Buy Securities Operations

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Italian bank UniCredit Group will sell the securities-services operations of the former Capitalia bank, now part of UniCredit, to French peer Societe Generale SA, the banks said. No financial details were disclosed. The unit being bought by SocGen includes clearing, custody, depositary-bank and fund-administration businesses. As part of the transaction, Societe Generale Securities Services will become the exclusive provider in Italy of securities services to the former Capitalia group. The two companies said the business bought by Societe Generale Securities Services represents assets under custody of 102 billion euros ($148 billion), taking the bank's total to 2.72 trillion euros. The transaction will be completed by the end of March.