The conflict of ROSNO and UralTransBank has still not been settled. ‘This is a situation of somewhat delicate nature, and it is difficult to define where the good and the bad guys are. I personally think that ROSNO’s accusing the bank of fraud is beyond the scope of business ethics. One has to be absolutely positive about a claim like this if one wants to avoid being sued for slander and having to publicly apologize afterwards,’ the Assets Management Director of Unicom Partner Investment and Finance Company Vitaliy Kalugin said to UrBC representative.

‘I believe this public dispute stems from the long-term mutual misunderstanding between insurers and bankers, who often happen to have different business interests,’ Mr Kalugin said.

‘The reputation of ROSNO, the insurer, might actually be more damaged by the incident than that of the bank. From what I know in terms of giving and insuring loans, I would say that ROSNO’s decision to offer consumer loan insurance was a little too hasty,’ he observed.