The investigation closesCompetition and Market Guarantor Authority towards Intesa Sanpaolo and Isybank, the group’s digital bank. With a statement released on 12 June, the Antitrust defined that “the critical issues in the transfer of current accounts have been overcome” and declared that it had accepted “the commitments proposed by the two companies, as they allow the removal of the profiles of possible incorrectness identified”.
The procedure
As reconstructed from the same note, the authority had initiated proceedings for alleged unfair commercial practices regarding the methods with which the two operators were reorganizing the Group by transferring over 2 million customers – defined as “mainly digital” – from Intesa Sanpaolo to Isybank. The transfer should have taken place in two tranches: the first, «Ramo I», was planned for 16 October 2023 and concerned
approximately 300 thousand customers; the second, «Ramo II», involved over two million customers whose transfer should have taken place on 18 March 2024.
The closure
Together with the closure of the investigation, the Antitrust communicated the measures imposed by way of compensation. «All Branch I customers – declares the Antitrust – will be granted free access to the relationship with Isybank, from the date of transfer to 30 June 2024 or the date of any termination of the relationship, if earlier. As for Branch II customers, the measures proposed for information and related implementation methods are similar to those envisaged for Branch I customers. The communication to Branch II customers served to inform them of the commitment made by the two banks to transfer to Isybank only those customers who have explicitly expressed their “express consent” to the transfer of the account and the related contractual changes”.
