Investbank suspected of colluding with insurer

Sverdlovsk Region division of Russia’s Federal Antimonopoly Service is to resume looking into Case 85 involving OAO AKB Investbank’s GRAN subsidiary and Yekaterinburg branch of OAO Voyenno-Strakhovaya Kompaniya, an insurer. The two companies are accused o violating Article 11 (part 1, paragraph 5) of the Competition Protection Act.

OAO AKB Investbank and OAO Voyenno-Strakhovaya Kompaniya reportedly signed a cooperation agreement on life and property insurance of customers willing to get a loan at the bank in order to buy some real estate.

The FAS division believes this agreement might result in infringing disadvantageous contract terms upon the borrowing/insured party when the latter tries to insure the risks related to losing his or her property rights over an apartment.