By Mauro Orru

Italy's competition watchdog opened an investigation into Intesa Sanpaolo, saying the bank had been ambiguous in communicating to some of its customers that their accounts would be transferred to Isybank, its digital banking unit.

The Italian Competition Authority, or AGCM, said Thursday that account holders had complained about Intesa's handling of the process, saying the bank alerted affected customers via its internet banking portal or the app during the summer holidays. Many account holders became aware of the changes only after the deadline set by Intesa for them to refuse had expired, the authority said.

Intesa Sanpaolo declined to comment.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

November 02, 2023 06:07 ET (10:07 GMT)

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