PRESS RELEASE

THE ICA’S INVESTIGATION INTO BANCA POPOLARE DI VICENZA FOR FINANCING TWINNED WITH TITLES

On the basis of information acquired implementing the Consumer Code, the ICA launched an investigation into Banca Popolare di Vicenza for an alleged unfair commercial practice.

The bank appeared to have made the concession of financing to clients (such as mortgages, personal loans and credit on current accounts) dependent on the purchase of the Bank's shares and convertible bonds, even by granting higher amounts than what requested in case of acceptance of the titles. This conduct can fall within the scope of unfair commercial practices because capable of considerably limiting consumers’ freedom to choose financing products.

In fact, the illicit conditioning based on the possibility to obtain financing only by signing titles of the mentioned Bank appears to be qualified as a behaviour capable of leading consumers to make a decision which they would not have made otherwise. This regardless of the type of information provided on the characteristics and on the level of risk of the twinned title.

In order to ascertain said conduct, on this day the ICA carried out a series of inspections at the branches of Banca Popolare di Vicenza, with the aid of the Special Unit of the Guardia di Finanza.

Rome, 8 March 2016