Intesa Sanpaolo Probed By Italian Watchdog Over Mortgages Marketing Practices--Update

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 customers 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 declined to comment.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 20, 2022 04:53 ET (08:53 GMT)

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