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The Union of Banks of Armenia (UBA) was established in 1995 under the RA law on “Banks and Banking,” uniting 31 commercial banks at the time of its founding. Today, all 18 commercial banks operating in Armenia are members, making UBA the recognized voice of the sector. As a non-commercial legal entity, its role has always been to represent the corporate interests of its members, acting as a trusted intermediary between the banks, the Central Bank, government institutions, and international organizations.
Over the years, UBA’s scope expanded from basic coordination into a sophisticated platform that influences policy, safeguards member interests, and promotes integration with international banking standards. Its tasks cover protection of members’ rights, coordination of interbank cooperation, legislative participation, promotion of modern technologies, and continuous training of staff. With seminars, forums, and legislative initiatives, UBA became not only a unifying body but also a strategic driver of Armenia’s banking modernization. Within this framework, TRUSTVISE, represented by Vahan Vermishyan, was invited to contribute expertise in one of its most critical undertakings — the creation and management of the Office of Financial Arbitration.
In 2010, the UBA Board resolved to establish the Office of Financial Arbitration, a groundbreaking institution for Armenia’s banking sector. The challenge was formidable: to design and enforce a functional arbitration mechanism that would handle disputes under the RA Civil Code, the Law on Commercial Arbitration, and UBA’s own Charter. TRUSTVISE, through the appointment of Vahan Vermishyan as one of the arbiters, faced the responsibility of interpreting complex regulations while ensuring impartiality, transparency, and fairness in every proceeding. The mission was to build confidence in the arbitration system itself — a structure that had to work flawlessly from the start, carrying the weight of all member banks’ trust.
TRUSTVISE fulfilled every requirement outlined in the institution’s founding statute and regulations, creating a functional arbitration body that remains fully operational to this day. Cases brought before the Financial Arbitration Office were managed with precision, legal compliance, and unwavering neutrality, reinforcing confidence among member banks. The system became an enduring mechanism of accountability and dispute resolution, aligning Armenian banking practices with international standards. More than a decade later, the work continues at 100% effectiveness, proving that the foundation laid in 2010 was not only solid but visionary — a contribution that strengthened Armenia’s entire banking framework.
