Yerevan /Mediamax/. “HSBC Bank Armenia”, “ACBA Leasing” credit organization and “London-Yerevan Co.”## insurance company are awarded by the Central Bank (CB) of Armenia for the best explanatory brochures for customers.

Mediamax reports that, speaking at the ceremony of presenting the diplomas, Deputy Chairman of the Central Bank Vache Gabrielyan noted that CB pays special attention to protecting the rights of consumers of financial services and thus made a decision to award diplomas to the bank, the credit organization and the insurance company, which published the best explanatory brochures.

“The selection commission, which determined the winners, was guided by four criteria: the brochure design, the way of information provision, its content and correspondence to the established requirements, as well as the intelligibility for the customers”, Vache Gabrielyan stated.

According to the Head of CB Financial Policy and Analysis Department Vahe Vardanyan, the main shortcoming of the information, provided by the financial organizations of Armenia, is its ambiguous nature, conditioned by incomplete revelation of the information and concealment of the interest rates.

Vache Gabrielyan stated that the approval of the law “On consumer crediting” obliges banks to provide customers the whole necessary information, including the real interest rates.