Antimonopoly Agency reveals violations in KazKommertsBank
ASTANA. August 15. KAZINFORM At the Methodological Council of the Agency for Competition Protection (Antimonopoly Agency) have been reviewed results of the investigations conducted, the press service of the Agency says. The fact of acts which constitute unfair competition in the activities of "Kazkommertsbank" JSC (Almaty) has been identified.
The investigation revealed that on the basis of KazKommertsBank loan agreements it forced its client (a legal entity) to perform transfer of all circulations and implement all cash settlement transactions exclusively through its branches.
Meanwhile, this requirement of KazKommertsBank is not provided in the legislation on banking.
The inclusion of the Bank in terms of bank loan agreement by the borrower to transfer all cash payments to the bank limits the rights of the borrower to open bank accounts in other banks in which the service conditions may be more favorable to the client (paragraph 2 of Art. 33 of Law "On Banks ").
The analysis outcome will bring to appropriate actions of the antitrust response.