Italian Antitrust Authority Probes Credit Agricole's Mortgage Promotion

Dow Jones

2024-10-30

By Elena Vardon

Italy's competition and markets regulator said that it launched an investigation into Credit Agricole's promotion of one of its mortgages on online simulators.

The watchdog, or AGCM, said Wednesday that it is looking into whether the French bank's online simulator for its "Greenback" mortgage--which is also available on comparison websites--calculated an annual percentage rate that excludes the cost of a credit protection policy for the duration of the loan. This policy is a condition to benefit from a promotional discount on the loan's interest rate.

It could be that only the cost of the insurance policy for the first twelve months from the signing of the mortgage was included in the calculation, it said.

The regulator added that the product may have also been promoted on comparison websites without properly informing customers of the offer's conditions.

AGCM said that, along with the Italian police, it carried out inspections of Credit Agricole's Italian offices on Tuesday.

Credit Agricole didn't immediately respond to a request for comment.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

October 30, 2024 04:43 ET (08:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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This policy is a condition to benefit from a promotional discount on the loan's interest rate.It could be that only the cost of the insurance policy for the first twelve months from the signing of the mortgage was included in the calculation, it said.The regulator added that the product may have also been promoted on comparison websites without properly informing customers of the offer's conditions.AGCM said that, along with the Italian police, it carried out inspections of Credit Agricole's Italian offices on Tuesday.Credit Agricol","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CRARY":"Credit Agricole SA","BK4207":"综合性银行"},"translate_title":"意大利反垄断机构调查法国农业信贷银行抵押贷款促销活动","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRARY":0.9},"content_text":"By Elena Vardon \n\n\n \n\n\n  Italy's competition and markets regulator said that it launched an investigation into Credit Agricole's promotion of one of its mortgages on online simulators. \n\n\n  The watchdog, or AGCM, said Wednesday that it is looking into whether the French bank's online simulator for its \"Greenback\" mortgage--which is also available on comparison websites--calculated an annual percentage rate that excludes the cost of a credit protection policy for the duration of the loan. This policy is a condition to benefit from a promotional discount on the loan's interest rate. \n\n\n  It could be that only the cost of the insurance policy for the first twelve months from the signing of the mortgage was included in the calculation, it said. \n\n\n  The regulator added that the product may have also been promoted on comparison websites without properly informing customers of the offer's conditions. \n\n\n  AGCM said that, along with the Italian police, it carried out inspections of Credit Agricole's Italian offices on Tuesday. \n\n\n  Credit Agricole didn't immediately respond to a request for comment. \n\n\n \n\n\n  Write to Elena Vardon at elena.vardon@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 30, 2024 04:43 ET (08:43 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}