Yerevan /Mediamax/. The Union of Banks of Armenia (UBA) published the “Code of rules## of banking business conduct”.

Mediamax reports that the principles, contained in the Code, regulate banking activity, as well as relation between employees of the bank and the customers.

Speaking at the presentation of the Code during the financial-banking conference on May 24 in Dilijan, Chairman of UBA Emil Soghomonyan informed that “at the session of the Union of Banks on May 21, the participant-banks stated that they would be guided by the given Code of rules in their activity”.

“Development of the banking system of Armenia dictates the necessity to implement general rules of business conduct”, Executive Director of UBA Seyran Ohanian stated.

According to him, while elaborating the Code, conflict situations, which are most frequent in banks and financial structures of Armenia, were taken into account.

Executive Director of UBA noted that the goals of the Code of rules is the increase of public trust for the banking system, the increase of activity transparency in financial structures, as well as the establishment of healthy competition among the financial institutes of Armenia.