Court finds UniCreditBank guilty of collusion with 15 insurers

In December 2007, Chelyabinsk Region’s division of Federal Antimonopoly Service claimed International Moscow Bank (now known as UniCreditBank) and fifteen insurance companies (Ingosstrakh, AlfaStrakhovaniye, AIG Insurance & Reinsurance Company, Russia, Soglasiye, Surgutneftegaz, ROSNO, Zurich-Rus, Progress Garant, NASTA, Voenno-Strakhovaya Kompaniya, Renaissance Insurance Group, Rosgosstrakh-Ural, RESO Garanita, and Sogaz) were guilty of violating Article 11 (part 2) of the federal bill on the protection of competition.

The violation allegedly consisted in the fact that the bank only allowed its customers use one of the above-mentioned insurers when applying for Nissan Finance and Renault Credit automobile loan schemes.

The decision made by Chelyabinsk Region’s division of Federal Antimonopoly Service was appealed against; Chelyabinsk Region Court of Arbitration did not support the Service’s ruling and discharged their claims and orders.

However, on July 29, 2008, the 18th Court of Appeals disagreed with the court of original jurisdiction’s decision, supported Chelyabinsk Region’s division of Federal Antimonopoly Service’s ruling and dismissed all of UniCreditBank’s claims, the spokesperson for the Service reports.