First BANKING FORUM-2024  held in Yerevan

ArmInfo.The first International BANKING FORUM-2024, initiated by the Union of Banks of Armenia (UBA), was held in Yerevan today. Representatives from the Armenian, Georgian and European banking systems participated in it.  

The primary goal of the event was to discuss the opportunities and  challenges associated with integrating into the European financial  system, share knowledge and experiences and address issues such as  compliance, ESG standards (ecology, social policy and corporate  governance), and more.

In an interview with journalists, Chairman of the Union of Banks of  Armenia Daniel Azatyan noted that the financial and banking system of  Armenia is closely interconnected with the European system. According  to him, they act synchronously, whether intentionally or not. "But if  we want to reach a new level of cooperation and expand its scope,  then we need modern criteria and standards to "speak the same  language," the head of the Union of Banks noted.  At the same time,  he named ESG standards as one of the main challenges, emphasizing  that they have become a trend to some extent. Azatyan noted that ESG  is necessary in making processes more legal, transparent and safe.  "The introduction of these standards will make it easier to cooperate  with European and global banks and become a part of them," he  explained.

The head of the Union of Banks expressed confidence that this  platform will provide an opportunity to study the challenges facing  the financial system, find innovative solutions to current  requirements, and contribute to the sustainable development of the  system.

During the opening of the forum, Chairman of the Central Bank of  Armenia Martyn Galstyan also spoke.  Specifically, he highlighted the  significant changes in the country's banking system, particularly in  the areas of  risk management and compliance. "The most important  functions of banks now are compliance and risk management. Over the  past 3 years, the number of compliance officers in our banks has  increased almost several times. The Central Bank, as a regulator,  focuses on risk management and the implementation of high compliance  standards, which are extremely important in ensuring the smooth flow  of financial operations," Galstyan said. At the same time, he  emphasized the Central Bank's attention to ESG issues and outlined  plans to establish the necessary conditions and regulations for the  financial system. According to him, Armenian banks are doing a lot of  work in this direction.  Galstyan noted that stable business ties  have already been established over several years regarding the  cooperation of banks in Armenia, Georgia and Europe. "I am confident  that they will strengthen even more and we have a lot of work to do  in this regard," he emphasized.

It should be noted that Levan Gogoladze, ESG/SF Coordinator of the  Georgian Banking Association, and Istvan Lengyel, Secretary General  of the Banking Association for Central and Eastern Europe, also spoke  at the opening of the forum.