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Competition watchdog may open investigation into Danske Bank’s ad

Danske banko pastatas
Žilvino Pekarsko / 15min nuotr. / Danske Bank building
Šaltinis: BNS

Lithuania’s Competition Council may open an investigation into an ad by the Lithuanian branch of Danske Bank, one of the biggest banks in Scandinavia and Western Europe, which allegedly misleads consumers.

The panel received a respective request form the Bank of Lithuania but have not yet decided whether to open the case, the council’s spokeswoman Palmira Kvietkauskienė told BNS.

Last Monday, the central bank demanded to remove the ad, since Danske Bank had not unveiled the risks related to investment life insurance.

On its website, Danske Bank claimed that a customer can get much higher interest rates than those offered in the market, if he or she placed a time-limited deposit with the bank. The highest annual interest rate – 25 percent – was offered for a 7-month deposit of 3,000 litas (EUR 869.56). However, customer was also obliged to sign a long-term life insurance contract with the Lithuanian branch of Mandatum Life Insurance Baltic.

Danske Bank removed the ad, although it claims that information about the service was “transparent and exhaustive”.

Naujienų agentūros BNS informaciją atgaminti visuomenės informavimo priemonėse bei interneto tinklalapiuose be raštiško UAB „BNS“ sutikimo draudžiama.
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