OREANDA-NEWS. January 14, 2007. The Federal Antimonopoly Service (FAS Russia) initiated two cases against "RaiffeisenBank" CJSC and nine insurance companies for breaching Article 11 of the Federal Law "On Protection of Competition", reported the press-centre of FAS Russia.

The first case was initiated against "RaiffeisenBank" CJSC and two insurance companies - "СPR-Garant" Insurance Company" CJSC and "Military-Insurance Company" OJSC that cooperated in terms of mortgage credits.

The second case was initiated due to cooperation of the respondents - the bank and eight insurance companies ("Standart-Rezerv" Closed Joint-Stock Insurance Company, "Military-Insurance Company" OJSC, "ROSNO" OJSC, "Sogaz" OJSC, "Yugoria" Insurance Group OJSC, "Rossia" Open Joint-Stock Insurance Company, "Rosgosstrakh" OJSC and "AlphaStrakhovanie" OJSC) regarding Auto Loan programmes.

The bank and insurance companies violated the antimonopoly law by entering into agreements that lead or could lead to restricting competition on the insurance market, including price (rates) fixing and maintenance.

The case was initiated upon "IMPEKSBANK" OJSC entering into agreements with the above insurance companies in 2006.

Since "IMPEKSBANK" OJSC terminated its business activities due to joining "RaiffeisenBank" CJSC, the cases were initiated against the nine insurance companies and "RaiffeisenBank" CJSC as the legal successor of "IMPEKSBANK" OJSC.

The cases will be heard on 27th and 28th February 2008.