MILAN (Reuters) - Isybank, the new digital bank wholly owned by Intesa Sanpaolo - chaired by Mario Boselli with Antonio Valitutti as CEO - will be launched on cloud technology and will have as its strength the partnership with the international company in fintech Thought Machine.

Isybank will provide banking services initially to the 4 million customers identified in the 2022-2025 plan who are interested in using services exclusively online and via mobile. This will simultaneously enable the group to structurally reduce costs.

The plan includes an investment program of 5 billion euros, including about 650 million in the new bancadigital, and the involvement of about 4 thousand people including recruitment of specific profiles and professional retraining, the note adds.

(Giancarlo Navach, editing Stefano Bernabei)