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Italy's antitrust launches inquiry into Intesa over alleged unfair commercial practice

·1-min read
Illustration shows Intesa Sanpaolo bank logo

MILAN (Reuters) - Italy's antitrust said on Tuesday it had launched an inquiry into Intesa Sanpaolo over an alleged unfair commercial practice while marketing real estate mortgages for clients at fixed and variable rates.

The authority alleges Italy's biggest bank may not have given customers clear information about the duration of the grace period, the time between the disbursement of the loan and the first month of the repayment plan, it said in a statement.

Under this practice the loan repayment period is likely to be longer and as a result the cost of the mortgage may be higher, it added.

Intesa Sanpaolo was not immediately for comment.

(Reporting by Cristina Carlevaro; editing by Agnieszka Flak)