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Intesa Sanpaolo scrutinized by AGCM over account transfer communication

Published Nov 03, 2023 04:54
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Intesa Sanpaolo (OTC:ISNPY) S.p.A., the Italian banking group, has come under scrutiny by Italy's antitrust authority, AGCM, following a significant shift in its operations. The bank transferred a large number of client accounts to its solely digital subsidiary, Isybank, which led to approximately 2,000 complaints from customers.

The regulator criticized the bank for its ambiguous communication and insufficient emphasis on the gravity of this substantial change. Customers expressed dissatisfaction with being informed about the transition through alerts on the bank's online platforms during the summer holiday period. This method of communication reportedly caused confusion among clients, leading some to miss refusal deadlines.

Despite these complaints, Intesa Sanpaolo defended its actions, stating that this transition was primarily intended for their predominantly digital clients. The bank insists it adhered to all relevant regulations, cooperated with authorities throughout the process, and received minimal complaints from the 300,000 customers involved in the transition.

While the bank claims satisfaction with the process, a number of customers lodged complaints regarding the procedures followed during the account transfers to Isybank. The ongoing scrutiny by AGCM serves as a reminder for financial institutions to maintain clear and timely communication with their clients, especially during significant operational changes.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Intesa Sanpaolo scrutinized by AGCM over account transfer communication
 

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