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.
