Raiffeisen bank advertizing board at Prospekt Mira street
Photo: Yury Martyanov
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Two Cases against Raiffeisen Bank
The Russian Federal Antimonopoly Service has initiated two cases against the Russian subsidiary of the Austrian Raiffeisen Bank and nine insurance companies. They are suspected of violating article 11 of the federal law “On the Protection of Competition.” The antimonopoly watchdog says that the bank illegally collaborated with the RK-Garant and Voenno-Strakhovaya insurance companies in mortgage crediting and with eight insurance companies, including Standard Reserve, Rosno, Rossiya and Rosgosstrakh in automobile crediting. The cases will be heard on February 27 and 28.
The antimonopoly service holds that the bank reached agreements with the insurance companies that reduced or could have reduced competition on the insurance market. The cases spring from an agreement made with Impexbank, which was absorbed by Raiffeisen in 2006 and 2007.
In July 2007, the antimonopoly service instructed its territorial divisions to check 51 banks and 70 insurance companies that were suspected of pricing collusion. Rosbank and MDM Bank also face accusations from that audit.
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