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Ameriabank Parent Acquires Shares in Cascade Bank
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Ameriabank Parent Acquires Shares in Cascade Bank
  • Central Bank of Armenia Approves the Agreement signed between TDA Holdings Limited and Cascade Capital Holdings
  • 1st Step of Merger Concluded
  • AMD 30 Billion in Combined Capital (Q1 2010)
 
n April 10, 2010 Ameriabank and Cascade Bank announced that TDA Holdings, Inc. had become the shareholder of Cascade Bank. The agreement between TDA Holdings Limited and Cascade Capital Holdings, shareholders of Ameriabank and Cascade Bank respectively was announced in March. The Central Bank of Armenia approved the agreement on April 7th. TDA Holding acquired shares in Cascade Bank as the first step in a merger of the two banks. The merger is planned to be completed by November 2010.
 
The merger of Ameriabank and Cascade Bank will further the common objective of Mr. Ruben Vardanian and Mr. Gerard Cafesjian of promoting the well being of all Armenians. This pioneering merger initiative in the Armenian banking sector produces a combination that will be one of the strongest financial institutions in Armenia and promote the development of financial markets in Armenia.
 
The Bank stated that customers of the two banks will benefit from an enhanced set of banking services with tailor-made tariffs, while outstanding agreements of both banks will remain in force.
 
According to initial Q12010 financial results, the aggregated capital of the two banks is approximately AMD30 billion, assets of AMD 129 billion, liabilities of AMD 99 billion, loan portfolio of AMD 72 billion.
Updated 25.05.2010, 10:05
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