Last November had been started byAGCM an investigation against Isybank and the Intesa Sanpaolo Group. The Authority decided to terminate it considering the conditions sufficient proposed commitments by the two companies. The aim was to eliminate any possible incorrectness detected.
L’investigation had been initiated following alleged unfair commercial practices. The latter concerned the reorganization of the Group, which included the transfer beyond 2 million customers “predominantly digital” from Intesa Sanpaolo to Isybank. The operation was divided into two phases. The first, called “Branch I“, began on October 16, 2023 and concerns approximately 300 thousand customers. The second, “Branch II“, scheduled for March 18, 2024 includes more 2 million users.
The investigation against Isybank and Intesa Sanpaolo ends
The main problem encountered by the AGCM was that i current accounts had been at the banking group closed unilaterallyand new ones had been opened with the digital bank without consent explicit from customers. Furthermore, there was no clear and complete information.
The procedure was concluded thanks to the commitments made by the Intesa Sanpaolo Group, considered sufficient by the AGCM to improve the transition towards the double institution. Intesa Sanpaolo will continue to operate as usual, while Isybank will entirely digital.
Accepted commitments include individual communications to customers between 10 January and 29 February 2024. With which they were supplied clear information
and exhaustive on the nature and conditions of the transfer. Furthermore, they were carried out three contact attempts for customers who had not previously responded, accompanied by a communication campaign via email and push notifications between January 22 and February 12, 2024, and after February 29, 2024.
The first interventions made
These activities had the objective of inform customers of Branch I that within December 31, 2026 they can return to Intesa Sanpaolo, with the possibility of regain L’Original IBAN and improving economic conditions. The latter include a checking account with the same or lower fee, no-fee debit cards, free transactions and a possible zero-fee securities deposit. Furthermore, as a form of compensation, all Branch I customers will be granted free access to the relationship with Isybank until June 30, 2024. Or until the termination of the relationship, whichever is earlier.
At the same time, the customers of the Branch II have been informed that the proposed measures for information and implementation methods will be similar to those envisaged for RamoI customers. Furthermore, the commitment of the two banks provides that only customers who have expressed explicitly theirs consent upon account transfer and related contractual changes will be transferred to Isybank.
