ROSBANK and Standard Reserve face legal action

Sverdlovsk Region’s division of the Federal Antimonopoly Service is to resume the hearing of the case involving Yekaterinburg subsidiaries of ROSBANK and Standard-Reserve, the insurance company, on November 24, 2009. The two companies might be charged with violating the Federal Competition Protection Act 135 FZ (Article 11, part 1). The final decision should be taken by the next day.

The bank and the insurer are suspected of colluding in a manner that could impose disadvantageous contract terms upon their customers. The thing is, the insurer agreed to pay the insurance compensation to the bank’s car loan applicants only if they refused the bank’s hull insurance payment first. Also, the loan applicant was not allowed to choose a new bank by simply informing the bank and the insurer of this decision.

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