Raiffeisenbank must carry out counter-advertising in connection with the dissemination of false information in advertising the Cashback on Everything promotion. The Federal Antimonopoly Service (FAS) reported that such a decision on its claim was made by the Moscow Arbitration Court.
FAS went to court in February 2023. According to the service, the credit institution’s advertising video said: “refund on everything”, “refund on everything without conditions and restrictions”, “1.5% in rubles, not in points”. However, the disclaimer regarding the conditions and limitations of this offer was presented in small print and displayed for a short period of time.
The FAS considered such advertising inappropriate and imposed a fine on the bank. After this, the service filed a claim with the Moscow Arbitration Court. The decision to satisfy the FAS demand was also supported by the courts of two higher instances.
Therefore, Raiffeisenbank must place counter advertising, indicating the claims of the FAS.
“The counteradvertising must be broadcast on the air on the REN-TV channel for seven days in prime time once a day,” the FAS said in a statement.
Raiffeisen Bank International announced in spring its intention to sell its Russian business. The option of removing Raiffeisenbank from the group’s perimeter was also considered. Reuters wrote that the European Central Bank recommended that the RBI stop its business in Russia.
In August, group boss Johann Strobl announced that the sale or spin-off of the business would be postponed until the end of the year.
In September, the Central Bank revoked the credit institution’s license to carry out deposit activities.
Author:
Natalia Gormaleva
Source: RB
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