Sberbank undermines competition on insurance market

The Russian Anti-Monopoly Ministry said that Sberbank violated competition laws between insurance companies. According to Russian Anti-Monopoly Minister Ilya Yuzhanov, Sberbank gives credits on insured property and it also provides the list of insurance companies that can insure this property. According to the minister, the bank undermines competition between insurance companies. He added that the ministry pointed to this situation in 2002 and Sberbank held a formal tender and selected 8 insurance companies, which, according to Yuzhanov, "has not solved the problem".

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