CASCADE CAPITAL HOLDING ANNOUNCES OFFICIAL INCEPTION

Armenpress

YEREVAN, JUNE 1, ARMENPRESS: The Cascade Capital Holding, established
by a US-based Cafesjian Foundation, announced yesterday its official
inception.

Its acting executive manager, Jonathan Stark, told a news conference
in Yerevan that the Holding will be comprised of Cascade Credit,
Cascade Investment, Cascade Insurance and Reinsurance companies
and Emporiki bank that was bought recently by the holding. He said
Emporiki will be re-registered as Cascade Bank.

Stark said the goal of the new holding is to form a group of companies
to introduce innovative western standards of financial and trade
services in Armenia and to promote investments in Armenia and the
region.

He said the Cascade Capital Holding has established close contacts with
the European Bank for Reconstruction and Development (EBRD), World
Bank, USAID and other US-based agencies. Stark said the Cascade Bank
will provide a full range of services to small companies in Armenia
and outside it. He said the bank's chattered capital is presently
around $4 million and another $2.5 million are expected to come
soon from the holding. He said after official registration Cascade
Bank will start a vigorous campaign in the plastic cards market. He
said the holding is negotiating with World Bank on joint programs
implementation concerning, particularly, renewable energy sources.

From: Emil Lazarian | Ararat NewsPress