The Italian Competition Authority has opened an investigation against Intesa Sanpaolo S.p.A. and Isybank S.p.A. due to concerns over the transfer of several hundred thousand current account holders from Intesa Sanpaolo to Isybank. This decision comes after the Authority received approximately 2,000 complaints from customers regarding the transfer process.

Customers were informed that they would be transferred to Isybank, which is described as a digital bank catering to those who are 'mainly digital' users. However, the communication sent to these customers was deemed ambiguous and not sufficiently highlighted, leading to confusion about the transfer. Many customers reportedly only became aware of the transfer after the deadline to object had passed.

The Authority noted that the communication was primarily delivered through internet banking and the Intesa Sanpaolo app during a period coinciding with summer holidays, which may have contributed to customers' lack of awareness. Furthermore, the right to object to the transfer was not clearly indicated, raising concerns about consumer rights.

Additionally, the transfer to Isybank would result in significant changes to the contractual conditions for customers, including the elimination of physical branches and certain services previously offered by Intesa Sanpaolo. This shift to a fully digital platform could lead to increased costs for some customers, as they may lose access to features like physical counters and specific banking services.