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Shareholders Of Ameriabank And Cascade Bank Sign Agreement To Merge

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  • Shareholders Of Ameriabank And Cascade Bank Sign Agreement To Merge

    SHAREHOLDERS OF AMERIABANK AND CASCADE BANK SIGN AGREEMENT TO MERGE TWO BANKS

    Noyan Tapan
    March 31, 2010

    YEREVAN, MARCH 31, NOYAN TAPAN. TDA Holdings and Cascade Capital
    Holdings, shareholders of Ameriabank and Cascade Bank, signed on
    March 31 an agreement on the merger of the two banks.

    CEO of Ameriabank Artak Hanesian stated at a press conference on the
    same day that the merger is a milestone in the history of Armenia's
    financial market. According to him, it is the first market-based bank
    merger aimed at consolidating and strengthening the financial sector
    of Armenia. The new bank will become one of the strongest financial
    institutions in the country.

    It was also mentioned that as of 31 December 2009 it was a bank with
    consolidated capital of million, assets of 7 million, liabilities
    of 2 million and a loan portfolio of 9 million. The merged bank with
    such indices will be among the top three banks of Armenia.

    CEO of Cascade Bank Aharon Levonian said the main reason for the
    merger was to become stronger and more competitive and to establish
    a financial institution with greater opportunities. Cascade Bank's
    sole shareholder is Cascade Capital Holdings which was established
    in 2004 by the Cafesjian Family Foundation (CFF). In 2009 the profit
    of Cascade Bank amounted to million 140 thousand.
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