Italy's Intesa Sanpaolo teams up with Thought Machine in digital push

FILE PHOTO: The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016

MILAN (Reuters) -Italy's biggest lender Intesa Sanpaolo has picked Thought Machine to power a new digital bank it is setting up and will also invest in the British banking software provider, Intesa said on Monday.

Under a four-year strategy it unveiled on Feb. 4, Intesa said it would launch Isybank, a digital-only service targeting 4 millions customers who are under 40 and don't go into branches, costing Intesa more than they yield in terms of revenues.