Merger of Ameriabank and Cascade Bank completed before set terms

PanARMENIAN.Net - CEO of Ameriabank Artak Anesyan said that the merger of Ameriabank CJSC and Cascade Bank CJSC has been completed before the set terms.

“The merger was envisaged to be completed in November 2010, but due to effective efforts of our working group and assistance of the Central Bank of Armenia (CBA), we have managed to finalize the deal in June,” Anesyan told a press conference in Yerevan on July 22.

On June 16, the CBA registered the new edition of Ameriabank’s charter, which was approved by the general meeting of the two banks shareholders, as a result of which the activity of Cascade Bank CJSC has been terminated.

Shareholders of Cascade Bank and Ameriabank – Cascade Capital Holdings and TDA Holdings Limited – signed an agreement on merger on March 31, 2010. As a result of the merger, Ameriabank CJSC will continue its activity as a legal successor of Cascade Bank CJSC, what will provide with the opportunity to offer wider range of high-quality, guaranteed and reliable services to the bank clients.

Artak Anesyan said that around 90% (90 people) of Cascade Bank employees have joined the staff of Ameriabank, bringing the total number of the bank employees to 328 people as of the first quarter of 2010.

Currently, the bank is the third in Armenia’ banking system by the amount of assets, fifth – by the volume of liabilities, third - by the amount of the aggregate capital and credit investments (AMD 74.4bln). “We will be actively increasing the indices – both in assets and credit investments – and will gain the envisaged indices until yearend, with consideration of indices of the actual balance of Cascade Bank,” said Anesyan.