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Ameriabank, Cascade Bank Merge

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  • Ameriabank, Cascade Bank Merge

    AMERIABANK, CASCADE BANK MERGE

    Tert.am
    17:02 ~U 31.03.10

    On March 31, Ameriabank (Ruben Vardanyan) and Cascade Bank (Gerard
    Gafeschian) signed a deal to merge the two banks.

    At a joint press conference after the deal was sealed, Chair of the
    Management Board-General Director of Ameriabank Artak Hanesyan said
    that this merger was unprecedented in the Armenian finance market.

    According to Hanesyan, the deal will include two stages and will
    be completed by the end of this year. The deal will see Ameriabank,
    with its financial indexes, in the top three banks in the Armenian
    banking system.

    Based on December 31, 2009 data, the consolidated capital of these
    banks was $75 million USD, with a $397 million credit portfolio and
    liabilities worth $262 million USD.

    Hanesyan said the Armenian banking system could possibly see some
    other mergers in the future too. In his words, Ameriabank does not
    limit itself with this deal: the bank is currently discussing and
    reviewing the possibilities of merging with or acquiring other banks.
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