The Italian Competition Authority closed its investigation into Intesa Sanpaolo S.p.A. and Isybank S.p.A., the digital bank of the Intesa Sanpaolo Group, following concerns about the transfer of over 2 million customers from Intesa Sanpaolo to Isybank. The transfer process lacked clear and complete information for customers.

As part of the commitments accepted by the Authority, customers will now receive clear and comprehensive information about the transfer process between January 10 and February 29, 2024. The information will be provided through individual communications accessible via the Isybank app or the Intesa Sanpaolo app and website.

Additionally, customers who were part of the initial transfer phase (Branch I) will have the option to return to Intesa Sanpaolo by December 31, 2026, with improved economic conditions. They will also receive a free relationship with Isybank until June 30, 2024, or the date of any relationship termination, whichever comes first.

For customers in the second transfer phase (Branch II), similar measures for disclosure and consent will be implemented. The two banks committed to transferring only those customers who explicitly provided their 'express consent' for the account transfer and related contractual changes.