Federal Antimonopoly Service finds Uralsib guilty of misdemeanor

6 February 2009 (08:24)

Sverdlovsk Region’s division of Federal Antimonopoly Service found Uralsib’s Yekaterinburg branch guilty of an administrative violation and imposed a 40,000-ruble fine on the offender, the spokesperson for the Service’s regional division reports.

Sverdlovsk Region’s division of Federal Antimonopoly Service placed its claim against Uralsib with the court on August 1, 2008 after the Service’s committee detected that Uralsib had been using unsuitable advertisements throughout Sverdlovsk Region’s cities and towns. The advert in question had to do with the bank’s Mortgage offer and apparently lacked the necessary information regarding the borrowers’ expenses occasioned by the need to estimate the cost of the realty bought on the existing homes market. Then, nothing was said about the fact that the bank had the right to change the interest rate charged for using the loan at any given moment; nor did the advertisement explained when and how the loan was to be paid off. What is more, the bank was using another inappropriate ad at that moment: the product advertised was a grace period credit card, but any information as to how the bank could change its lending policies was missing.

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