OREANDA-NEWS. August 18, 2009. The Federal Antimonopoly Service (FAS Russia) found that "BANK URALSIB" OJSC and "Toyota Bank" CJSC violated Part 2 Article 11 of the Federal Law "On Protection of Competition" (agreements between economic entities that restrict or can restrict competition), the press-centre of FAS Russia reported.

The case was initiated upon examining a Cooperation Agreement between the two banks, who notified FAS Russia about the Agreement in accordance with Part 9 Article 35 of the Federal Law "On Protection of Competition".

According to the Agreement, "BANK URALSIB" OJSC was obligated to not recommend physical persons to get loans from "BANK URALSIB" OJSC for the purposes of purchasing vehicles manufactured by the "Toyota" Concern from official dealers of the Concern.

The FAS Russia's Commission, comprising at par basis representatives of the Central Bank of Russia, arrived to a conclusion that including such obligations in the Cooperation Agreement can result in restricting competition on the market of auto loans.

In course of the case investigation, "BANK URALSIB" OJSC and "Toyota Bank" CJSC excluded anticompetitive conditions from the Agreement.

The FAS Russia's Commission terminated the proceedings against the banks due to voluntary elimination of the antimonopoly violation and its consequences and did not issue a determination on the case.

At the same time, "BANK URALSIB" OJSC and "Toyota Bank" CJSC petitioned to FAS Russia to relieve the banks from administrative liability for entering into competition-restricting agreements on the basis of Article 14.32 of the Code of the Rusisan Federation on Administrative Violations.