UniCredit is set to incorporate Cordusio SIM into its group in a bid to bolster its wealth management and private banking division (UniCredit WM & PB) in Italy.

Financial terms of the deal were not disclosed.

The merger is part of the Italian banking group’s strategy to drive additional value from operational, administrative and corporate synergies.

Cordusio SIM specialises in wealth management as well as offers asset management, investment services and financial advice among other services.

The addition of Cordusio’s business is expected to streamline and enhance decision-making as well as optimise HR management and fixed costs for the group.

In addition, it will enable UniCredit to eliminate corporate, accounting, tax and administrative duplications.

Following the transaction, the firm’s Italian WM & PB network will have 140,000 customers and more than €100bn in assets.

The deal will have no effect on the unit’s operational network, which consists of approximately 1,400 bankers, including 700 relationship managers located across 132 Italian cities.

Commenting on the deal, UniCredit head of Wealth Management and Private Banking Italy Stefano Vecchi said: “This deal bolsters our positioning as the Italian market leader for Wealth Management and Private Banking customers.

“It adds another facet to our growth plan, built around increasing our focus on high-value and advisory services delivered by our bankers through an integrated platform.

“The newly strengthened division will be able to combine our expertise in both segments, as further confirmation of the Group’s attention to its customers who seek personalised services incorporated into the overall unique offer of our pan-European commercial bank.”

Following the transaction, Cordusio’s customers, as well as its products and services will be transferred into UniCredit’s WM & PB Italy division under the Group Wealth Management segment.

Cordusio’ staff, activities and processes will be integrated or reallocated within UniCredit’s corresponding functions, the company said.