Intesa Sanpaolo, Italy’s biggest lender, is investing in British banking software maker Thought Machine after picking its application to run Intesa’s new digital bank, reported Reuters.
Under a four-year strategy it unveiled on Feb. 4, Intesa will launch Isybank, a digital-only service targeting 4 million customers under 40 who do not visit branches, costing Intesa more than they yield in revenues.
The digital push will allow it to close 1,050 branches in the next four years and save around 800 million euros ($905 million) a year from 2026, up from 600 million euros in 2025.
Isybank will be powered by Thought Machine’s Vault core banking engine, Intesa said, adding it was investing 40 million pounds ($54 million) in the British fintech firm.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI