OREANDA-NEWS. September 6, 2007. On September 3, 2007 at 17:23 INTERFAX information agency has made a release regarding claims raised by the Voronezh regional division of the Federal antimonopoly service towards MDM Bank in view of its violation of article 14.32 of the Administrative Code “Conclusion of agreement imposing restrictions on competition or performing agreed actions restricting competition”.

MDM Bank states that it did not breach and is not breaching antimonopoly legislation of the Russian Federation. Banks are entitled to demand insurance of collateral according to art.343 of the Civil Code. For its clients’ convenience, MDM Bank offers a choice of a wide range of approved insurance companies within the framework of its auto loan programmes. Selection of partner insurance companies is driven by the Bank’s responsibility towards its clients over the quality of services provided and the necessity to manage its own credit risks. The selection of insurance companies is based on transparent criteria. The Bank believes that the right to select business partners is an integral part of a civilized market and a precondition for ensuring high quality of service provided to clients.