Marketing strategies in the newly competitive Italian banking sector are becoming increasingly bizarre – the latest ploy is a lottery linked to a bond issue that offers Porsche cars as prizes.
With bonds at record lows, Banco Ambrosiano Veneto, which with Cariplo forms Banca Intesa (Italy’s third-largest banking group), has decided to tap Italians’ passion for raffles to lure investors into a L350 billion ($215.5 million) issue.
Sold to retail last month, the six-year bonds’ yield was nothing special, at 3.5%
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