OnBanca, Italy's new internet bank, has signed an agreement with London-based Netpartnering.com which will allow OnBanca to form co-branding alliances from a new pool of clients.

The internet bank, which started life in December, has 24,000 clients and aims to have 500,000 by 2003, said Luca Bonani, general manager. OnBanca is also preparing to float 20% of its capital on Italy's Nuovo Mercato this summer.