Saturday, July 21, 2018

Bank Intesa reaches settlement with Radio Equipment Plant

Bank Intesa reached a voluntary settlement agreement with the Radio Equipment Plant at a court hearing in Yekaterinburg on Thursday.

The suit came as the result of a $26,000 commission fee charged to the Radio Equipment Plant when it attempted to repay its loan early. The plant alleged that Intesa's added fee for early repayment was unjustified enrichment, reports.

According to the claim brought before the Sverdlovsk Region Arbitration Court, the plant demanded that the bank pay it $43,000. Over the course of the hearing, however, the two parties arrived at a voluntary settlement agreement, under which Bank Intesa would repay the original $26,000. The bank has until April 15 to pay its debt.

Bank Intesa is a commercial bank headquartered in Milan, Italy. In 2007, Intesa merged with Sanpaolo, creating Europe's third largest banking group in terms of total assets.