Italy's Competition Watchdog Probes Intesa Sanpaolo Over Mortgages Marketing Practices
20 September 2022 - 10:42AM
Dow Jones News
By Giulia Petroni
Italy's competition watchdog has launched an investigation
against Intesa Sanpaolo SpA for alleged unfair business practice in
the marketing of real-estate mortgages.
The Italian Competition Authority, or AGCM, said Tuesday that
the bank allegedly didn't provide adequate information to costumers
in pre-contractual documents for fixed-rate and variable-rate
mortgages.
In particular, AGCM said Intesa Sanpaolo allegedly didn't
provide guidance on how to calculate the time between the
disbursement of a loan and the first monthly payment of the plan,
which lengthens the period of mortgage repayment, increasing its
cost.
Intesa Sanpaolo wasn't immediately available for comment.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 20, 2022 04:27 ET (08:27 GMT)
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