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Ameriabank parent acquires shares in Cascade Bank
YEREVAN, April 10. /ARKA/. On 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 these two financial and banking organizations will give
new opportunities to banks and promote enlargement of financial
mediation in Armenia,' Arthur Javadyan, chairman of the Central Bank
of Armenia, said on Saturday.
He refrained from indicating the cost of the deal saying it was a
commercial secret.
Javadyan said Ameriabank and Cascade Bank had invested a great deal to
stabilization of Armenian banking system and occupy their own niche in
it.
Ruben Vardanyan, the chairman of Ameriabank's directorial board and
the head of Troika Dialog Group's directorial board, stressed
importance of the merger saying Ameriabank and Cascade Bank have
plenty in common.
`When we met with the Cascade Bank administration, we understood that
our approaches to provision of services to clients were alike. We saw
we could be useful to each other and decided to merge our banks. We
were pleased to know that Cafesjian remained here as one of
shareholder. We hope this will enhance the bank's competitiveness not
only in Armenia, but also overseas.'
Vardanyan said that shares would be reconsidered and changed,
depending on the structure of shareholders.
`Information will be available after completion of the deal, in
accordance with the law and the central bank's requirements connected
to the release of shareholder-related information,' he said.
Vardanyan said hat the bank has some partners, which will be shareholders.
He said that members of the bank administration would enjoy a right to
become owners, and this would be an important incentive mechanism
propelling development of the bank.
Steve Scallen, a member of Cafesjian Family Foundation, said Gerard
Cafesjian hailed this strategic combination saying it would be one of
the strongest financial institutions in Armenia and promote the
development of financial markets in Armenia.
The merger process is planned to be completed before November 2010.
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.
Ameriabank CJSC (former Armimpexbank renamed in May 2008) was
established in July 1992.
On September 8, 1992, the bank received its license from the Central
Bank of Armenia.
TDA Holdings Limited affiliated with the leading and largest Russian
investment group company - Troika Dialog - bought the bank shares in
August 2007.
Cascade Capital Holdings founded by Cafesjian Family Foundation in
2004 is the sole shareholder of Cascade Bank.
Cascade Bank was established on May 26, 2005, when Cascade Capital
Holdings acquired 100% of Emporiki Bank (Armenia) shares.
The bank cooperates with EBRD under macrocrediting program.
In December 2006, Millennium Challenges - Armenia Fund chose Cascade
Bank for serving its account under the U.S. government's $236-million
program in Armenia. --0--
YEREVAN, April 10. /ARKA/. On 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 these two financial and banking organizations will give
new opportunities to banks and promote enlargement of financial
mediation in Armenia,' Arthur Javadyan, chairman of the Central Bank
of Armenia, said on Saturday.
He refrained from indicating the cost of the deal saying it was a
commercial secret.
Javadyan said Ameriabank and Cascade Bank had invested a great deal to
stabilization of Armenian banking system and occupy their own niche in
it.
Ruben Vardanyan, the chairman of Ameriabank's directorial board and
the head of Troika Dialog Group's directorial board, stressed
importance of the merger saying Ameriabank and Cascade Bank have
plenty in common.
`When we met with the Cascade Bank administration, we understood that
our approaches to provision of services to clients were alike. We saw
we could be useful to each other and decided to merge our banks. We
were pleased to know that Cafesjian remained here as one of
shareholder. We hope this will enhance the bank's competitiveness not
only in Armenia, but also overseas.'
Vardanyan said that shares would be reconsidered and changed,
depending on the structure of shareholders.
`Information will be available after completion of the deal, in
accordance with the law and the central bank's requirements connected
to the release of shareholder-related information,' he said.
Vardanyan said hat the bank has some partners, which will be shareholders.
He said that members of the bank administration would enjoy a right to
become owners, and this would be an important incentive mechanism
propelling development of the bank.
Steve Scallen, a member of Cafesjian Family Foundation, said Gerard
Cafesjian hailed this strategic combination saying it would be one of
the strongest financial institutions in Armenia and promote the
development of financial markets in Armenia.
The merger process is planned to be completed before November 2010.
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.
Ameriabank CJSC (former Armimpexbank renamed in May 2008) was
established in July 1992.
On September 8, 1992, the bank received its license from the Central
Bank of Armenia.
TDA Holdings Limited affiliated with the leading and largest Russian
investment group company - Troika Dialog - bought the bank shares in
August 2007.
Cascade Capital Holdings founded by Cafesjian Family Foundation in
2004 is the sole shareholder of Cascade Bank.
Cascade Bank was established on May 26, 2005, when Cascade Capital
Holdings acquired 100% of Emporiki Bank (Armenia) shares.
The bank cooperates with EBRD under macrocrediting program.
In December 2006, Millennium Challenges - Armenia Fund chose Cascade
Bank for serving its account under the U.S. government's $236-million
program in Armenia. --0--