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Cascade Capital Holding announces official inception

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  • Cascade Capital Holding announces official inception

    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
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