Sberbank under scrutiny by Russian antitrust body for possible market violations

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Sberbank under scrutiny by Russian antitrust body for possible market violations
Credit: © Reuters.

Russia's Federal Antimonopoly Service (FAS) is conducting an investigation into Sberbank, the country's largest lender, for potentially breaching antitrust laws. The inquiry focuses on the bank's practice of bundling Domclick Plus packages, which include SberStrakhovanie insurance products, with its mortgage offerings. This action by the FAS was initiated in response to consumer complaints alleging that the mandatory packages may be undermining market competition.

The investigation has revealed that customers who opt for these packages are offered discounts on their mortgage rates. However, this practice has raised concerns over its compliance with competitive market principles. The FAS is closely examining whether Sberbank and its subsidiary, Sberbank Life Insurance, have engaged in anti-competitive behavior by making the Domclick Plus packages a compulsory part of their mortgage deals.

Alongside the investigation into Sberbank, Alfa-Bank, another major financial institution in Russia, is also under review for potential violations of advertising regulations.

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