FAS fined Sberbank for violating the law on advertising

AK&M 30 May 2023 14:47

The Federal Antimonopoly Service fined Sberbank 600 thousand rubles for violating the law on advertising. The bank indicated the conditions for obtaining a reduced interest rate on the loan in small print, the FAS reported.

The FAS Commission recognized the loan advertising as improper. The Bank has been issued an order to stop violating the advertising legislation.

In the advertisement of the Sberbank loan, information attractive to the consumer about the interest rate on the loan from 4.9% was indicated and voiced in large font. However, data on other conditions affecting the cost of the loan and the possibility of obtaining it were placed in an explanatory footnote in a hard-to-read font for a short time. Thus, consumers received incomplete information about all the conditions of the loan that determine its value, the antimonopoly agency emphasizes.

Sberbank of Russia (TIN 7707083893) is the largest bank in Russia, Central and Eastern Europe. The Bank is the main lender of the Russian economy and holds the largest share in the deposit market.