YEREVAN, 7 November. /ARKA/. Armenia's banking sector is working to introduce a number of standards to harmonize its activities with European and global markets, Chairman of the Union of Banks of Armenia (UBA) Daniel Azatyan said speaking at a forum on regional challenges and opportunities in cooperation with European banks.

The gathering is looking into integration of the banking systems of Armenia and Georgia with European markets, implementation of ESG (environmental, social responsibility and corporate governance) standards, correspondent banking and capital markets, as well as sustainable financing in accordance with European standards.

According to Azatyan, the goal of the forum organized by the UBA is to help Armenian banking system to adopt these standards to cooperate with global banks.

Answering a question of ARKA news agency about what challenges the Armenian banking system may face on this path, he noted that the work of the Armenian banking sector is somehow synchronized with the European system.

‘To bring co-operation to a new level, we need to introduce modern standards, speak a clear language with each other. The most important challenge today is introducing standards of environmental and social responsibility and corporate governance. This is necessary for transactions to be legal, transparent and safe, as well as to facilitate co-operation with European and global banks,’ he emphasized.

The Chairman of the Central Bank of Armenia Martin Galstyan noted at the opening of the forum that regional challenges are many in a rapidly changing world, and it is necessary to respond to them.

‘Our reaction can be understood by people when they trust us. Trust is one of our most valuable assets, and the Central Bank tries to contribute to the strengthening of this trust with its actions,’ he said.

In this context, the head of the regulator expressed hope that the forum will result in the development of programmes that will make the joint work more understandable.

The forum is attended by heads of a number of Armenian banks, President of the Banking Association of Georgia Alexander Dzneladze, Secretary General of the Banking Association of Central and Eastern Europe Istvan Lengel, ESG/SF Coordinator of the Banking Association of Georgia Levan Gogoladze. -0-