Italy’s Antitrust Authority ( AGCM ) has announced the closure of an investigation into Intesa Sanpaolo and its digital bank Isybank , with the latter taking the necessary action. Following a probe that started in November 2023, the AGCM announced that it concluded its analysis as Intesa Sanpaolo and Isybank took the required steps to avoid unfair commercial practices.

Back in November, Intesa Sanpaolo began to shift its customers to its new mobile-only service Isybank, resulting in an investigation which came after complaints by the main party in the ruling coalition and a warning from the central bank. At that time, Italy’s competition regulator focused on how Intesa Sanpaolo informed its customers of the change, with the bank receiving more than 5,000 complaints regarding the move. Despite Intesa providing account holders with digital messages sent to online and mobile banking accounts, the Italian regulator concluded that the message was ambiguous and sent in a manner that was not consistent with the importance of the matter at stake. Many of Intesa’s customers complained that they saw the notice from the bank after the deadline to ask to remain with the traditional banking service expired.

More information on the AGCM’s decision Considering the capabilities of Isybank, the cloud-based mobile bank represents a substantial element of Intesa Sanpaolo’s strategy to improve the bank’s competitiveness against fintech companies. With a focus on digitalisation, Isybank intends to provide simplified and cost-effective services to its customers. Following the AGCM’s decision, representatives from Intesa Sanpaolo underlined their bank’s commitment to integrating technology into its business strategy, while maintaining regulatory compliance. Moreover, as the probe has been concluded, Intesa Sanpaolo aims to continue to expand its digital offerings via Isybank and improve its position in the financial landscape.

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