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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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