Italy: The competition authority launches an investigation into Intesa Sanpaolo | Photo credits: Cineberg / Shutterstock.com
MILAN, Sept 20 (Reuters) – Italy’s competition authority said on Tuesday it had opened an investigation into Intesa Sanpaolo for allegedly unfair business practice in connection with fixed and variable rate mortgages.
The authority alleges that Italy’s largest bank allegedly failed to give clear information to customers about the length of the grace period, i.e. the time between the loan disbursement and the start of repayment, says she in a press release.
Under this practice, the loan repayment period is likely to be longer and therefore the cost of the mortgage may be higher, she added.
Intesa Sanpaolo was not immediately available for comment. (Report Cristina Carlevaro; French version Alizée Degorce, edited by Kate Entringer)