OREANDA-NEWS. November 14, 2008. The Federal Arbitration Court of the Ural District recognized collusion between "UniCreditBank" CJSC and 14 insurance companies, confirming legitimacy of the decision of the Chelyabinsk regional Offices of the Federal Antimonopoly Service (OFSD Russia), reported the press-centre of FAS Russia.

In December 2007 the Chelyabinsk OFAS Russia recognized that International Moscow Bank" CJSC (currently "UniCreditBank" CJSC) and 14 insurance companies - "Ingosstrakh" Open Joint-Stock Insurance Company, "AlphaStrakhovanie" OJSC, "AIG insurance and reinsurance company" CJSC, "Rossia" Open Joint-Stock Insurance Company, "Soglasie" Insurance Company" Ltd., "Surgutneftegaz" Insurance Association" Ltd., "ROSNO" OJSC, "Zurich-Rus" Insurance Company" CJSC, "Progress-Garant" Insurance Company" OJSC, "NASTA" Insurance Company" Ltd., "Military-Insurance Company" OJSC, "Renessance Strakhovanie Group" Ltd., "Rosgosstrakh-Ural" Ltd. and "RESO-Garantia" Open Joint-Stock Insurance Company violated Part 2 Article 11 of the Federal Law "On Protection of Competition".

The agreements between the bank and the insurance companies contained the following mandatory condition for granting credit under the loan programmes: "Nissan Finance" and "Renault Credit": "Standard"; "Nissan Finance" and "Renault Credit": "Down payment 0%"; "Nissan Finance" and "Renault Credit": "Simplified Package of Documents" - insuring the collateral (cars bought against credit) for the whole loan period only in one of the insurance organizations suggested by the bank.

The Chelyabinsk OFAS Russia issued determinations to the bank and insurance companies to terminate the competition-restrictive agreements.

In particular, the bank must exclude the condition for insuring the collateral only in the insurance organizations suggested by the bank from the Instruction of the Acting Chairman of the Board of Directors of "International Moscow Bank" CJSC "On Enactment of the New Conditions for Crediting Physical Persons for Buying Brand New Foreign-Made Cars Nissan, Renault, Infiniti".

The Chelyabinsk OFAS Russia also issued a determination to the bank to not include the above conditions in any other loan programmes of physical persons and legal entities.

The Chelyabinsk Regional Arbitration Court ruled the decision and determinations of the antimonopoly office unlawful.

However, the 18th Arbitration Appeal revoked the ruling of the Court of First instance and recognized the collusion between "UniCreditBank" CJSC and 14 insurance companies, confirming, therefore the rightness of The Chelyabinsk OFAS Russia.