CASCADE BANK RECEIVES INITIAL TRANSFER OF MCA
Armenpress
Dec 20 2006
YEREVAN, DECEMBER 20, ARMENPRESS: Cascade Bank CJSC said it has
recently been awarded the Millennium Challenge Account (MCA)-Armenia
SNCO (MCA). This award was announced after a fair and transparent
competition between 18 banks in Armenia.
MCA aims to reduce rural poverty through a sustainable increase in
economic performance in the agricultural sector, through a 5 year
program.
"Cascade Bank was honored to hear that we were awarded the Millennium
Challenge’s account after a fair contest with other banks in Armenia
and attribute this to our open and transparent work ethic. We will
continue to work hard to assure that Millennium Challenge Armenia and
all of our clients continue to have a safe and friendly environment
to facilitate their banking needs", said s Levon Levonyan, Cascade
Bank CJSC Chief Executive Officer.
The initial transfer was USD 882,000 with the second transfer of
USD 507,000 coming later this month. Over the next five years,
the Millennium Challenge Corporation (MCC) will transfer USD 236
Million. "MCA’s selection of Cascade Bank CJSC as sole account handler
for their USD236m project is testimony to the Cascade financial
services group’s commitment to transparency, probity, client service,
innovation, best practice and western business philosophy", stated
Jonathan Stark, Executive Director of Cascade Capital Holdings CJSC.
The shares of Cascade Bank CJSC are 100% owned by Cascade Capital
Holdings CJSC, which was established by the Cafesjian Family
Foundation 2004 to create and manage a group of commercial financial
companies operating to western standards of trust, transparency,
corporate governance and customer service. Cascade Capital Holdings’
CJSC operating companies include Cascade Bank, Cascade Bank Georgia,
Cascade Credit, Cascade Equity Managers, Cascade Insurance and Cascade
Investments closed joint stock companies.