INTESA SANPAOLO AND ALL THE CONSUMER ASSOCIATIONS SIGN UP TO THE CONCILIATION PROCEDURE FOR THE FORMER SANPAOLO IMI CUSTOMERS WHO BOUGHT PARMALAT BONDS
Rome, 11 April 2008 – The operational phase of the conciliation procedure presented by Intesa Sanpaolo for the former Sanpaolo IMI customers who bought Parmalat bonds is now underway, with the agreement of all nationally-representative* Consumer Associations.
The initiative draws on the positive experience gained over the years with the conciliation procedure carried out for the former customers of the Banca Intesa Group holding Parmalat bonds which led to the examination of 12,000 applications by joint commissions formed between the company and the associations. Of these, about 44% received a repayment offer. In 99.98% of cases valuations were agreed by the joint commissions.
The salient features of the agreement are described below:
* a personal letter will be sent during the next few weeks to all the former Sanpaolo (now Intesa Sanpaolo) customers who bought Parmalat bonds later converted to shares and warrants; it will contain a summary of the Conciliation Regulations, the methods of accessing the procedure and the Application forms which must be presented to their own Branch;
* the 24,000 customers involved in the initiative can present applications for admission to the conciliation procedure;
* within the Conciliation application, customers will have the opportunity to indicate the consumer association which shall represent them, chosen from those which are part of the agreement;
* the applications shall be evaluated by five joint commissions organised on geographical grounds with offices in Turin (2), Milan (1) and Rome (2). Each commission shall consist of a representative of the associations and a representative of the bank who shall examine, case by case, the applications received from customers. The commissions will reach a judgement on the basis of the valuation criteria shared with the consumer organisations in the Conciliation agreement (responsibility and investment performance, consistency between the risk profile and the amount of the investment, role played by the bank, whether the bond had a rating or not, information supplied).
For further details customers can turn to their own branch or to the freephone number 800.303.306 open from Monday to Friday from 8am to 10pm and Saturday from 8am to 2pm. It will also be possible to download the regulations and the application forms through the website www.intesasanpaolo.com and the websites of the Group banks (IBSPT, Banco Napoli, CARIPARO, CARISBO, Banca dell’Adriatico, CARIVE, CariFrVG, FIDEURAM).
* Consumer Associations:
ACU, Adiconsum, Adoc, Adusbef, Altroconsumo, Assoutenti, Casa del Consumatore, Centro Tutela Consumatori Utenti, Cittadinanzattiva, Codacons, Codici, Confconsumatori, Federconsumatori, Lega Consumatori, Movimento Difesa del Cittadino, Unione Nazionale Consumatori.
Rapporti con i Media
Banca dei Territori
Chiara Carlotti - 02 87963845
Mirella Giai - 011 5556652
Last updated 11 April 2008 at 17:00