Intesa Sanpaolo, the Antitrust closes the investigation in opposition to Isybank | EUROtoday

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Intesa Sanpaolo and Isybank shut the Antitrust chapter. The Competition and Market Authority has closed the investigation into the Italian credit score large and its digital financial institution which has reached round 500 thousand prospects, accepting the commitments proposed by the 2 firms on the circumstances of the switch of account holders

The investigation

The Authority had initiated proceedings for alleged unfair industrial practices relating to the methods wherein the 2 operators had been reorganizing the group by transferring over 2 million prospects – outlined as “mainly digital” – from Intesa Sanpaolo to Isybank. The transition was deliberate in two tranches: the primary, Ramo I, on 16 October 2023, involved roughly 300 thousand prospects; the second, Ramo II, included over two million prospects whose switch ought to have taken place on March 18, 2024.

Account holders had their present accounts with Intesa Sanpaolo unilaterally closed and a brand new relationship with Isybank was activated, however with out some companies beforehand used, with out having full and simply usable info and with out offering their categorical consent.

Commitments

The commitments assure all prospects clear and exhaustive info on the character and circumstances of the switch, offered from 10 January to 29 February 2024 by particular person communications accessed by way of a banner from the Isybank app (Ramo I) or from the app and the Intesa Sanpaolo web site (Ramo II).

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https://www.ilsole24ore.com/art/intesa-sanpaolo-l-antitrust-chiude-l-istruttoria-contro-isybank-correntisti-AGMWovW