The Independent Association of Banks of Ukraine (IABU) has announced an open tender to select a financial ombudsman, the association has reported.

According to the report, bids can be submitted until March 8, 2014.

The financial ombudsman is an independent body created to settle disputes between consumers of banking services and banks outside the court system.

The IABU was established in November 2011. The association includes 100 of the 180 banks operating in the country.