Armenpress

BANKING OMBUDSMAN INSTITUTION TO BE INTRODUCED

YEREVAN, JUNE 20, ARMENPRESS; The executive director of the Union of
Armenian banks, Vladimir Badalian, said the Union is planning to introduce
the institution of “banking ombudsman” before the end of the year. He said
there is no body now where a bank customer could take his complaints about
poor performance of banks. He said the banking ombudsman will be chiefly
dealing with regulation of relations between customers and banks. Badalian
said the procedure for introduction of the new system would be developed
soon which should be approved by all local commercial banks