Sberbank does not agree with the FAS claim to impose mortgage insurance services
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Deputy Chairman of the Board of Sberbank (MOEX: SBER) Kirill Tsarev commented on the case of violation of anti-competitive legislation that the Federal Antimonopoly Service (FAS) filed against the bank the day before. According to Mr. Tsarev, the bank does not agree that its Sberbank Life Insurance policy violates antitrust laws.
“We do not believe that our package violates antitrust laws. At the moment we have not received official documents from the FAS. After we receive them and study them in detail, we will be able to give more detailed comments,” said Kirill Tsarev on the sidelines of Sberbank Investor Day (Kommersant has a press release). According to him, the bank primarily strives to improve services and create new products.
The day before, the FAS opened a case against Sberbank and SberStrakhovanie Life Insurance on grounds of concluding an anti-competitive agreement. The bank’s clients appealed to the FAS with a complaint that the bank was imposing the Domklik Plus package of services, which included the services of the insurer Sberbank Life Insurance.
Domklik Plus gives a discount on the interest rate under a mortgage lending agreement with Sberbank. Activation of the service package is voluntary and does not affect the decision on lending, but the interest rate depends on it. Previously, to receive a discount on the interest rate, the borrower could enter into a life and health insurance agreement with any insurance company accredited by the bank. However, now a 1% discount is provided only while the client pays for the Domklik Plus service package.
The FAS has established that the offer to obtain a loan on favorable terms only if additional services are purchased from a certain insurer limits other market participants and citizens.
At the same time, government decree No. 39 came into force in September 2023. According to it, the borrower should have the opportunity to maintain the terms of the loan, regardless of whether he purchases additional services from the bank or independently enters into an agreement with any insurer. If Sberbank and SberStrakhovanie Life Insurance are found guilty, they will be assigned turnover fines based on the amount of revenue on the market.
Read more in the Kommersant article. “The low rate was insured”.
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