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. Last Updated: 07/27/2016

Russky Standart Bank Probe Begins

The Federal Anti-Monopoly Service plans to begin a probe of Russky Standart bank's offices this week at the request of prosecutors, the service's deputy head said Friday.

Officials will investigate whether the bank committed violations when informing clients about the terms of loan agreements, Andrei Kashevarov said at a banking conference in Moscow.

Russky Standart bank will have to put forward its ideas on how to guarantee the transparency of its lending rate on the consumer credit market," Kashevarov said.

Kashevarov said any suggestions put forward by Russky Standart would form part of the Central Bank's instructions on effective lending rates. Last month, prosecutors asked the anti-monopoly service and the Federal Financial Monitoring Service to investigate the bank over its consumer credit practices.

Prosecutors said they were acting on "numerous complaints" from the bank's clients."

Bloomberg, MT