Arminfo
2007-02-16 14:45:00

CASCADE BANK LAUNCHES A NEW GENERATION OF ARCA CARD

Cascade Bank launches a new ArCa Card service in the market. For the
first time in Armenia, customers will be offered the ArCa "smart"
Cards with built-in microprocessor, a new generation of plastic card,
the press-service of Cascade Bank told ArmInfo.

This new card offers a higher level of security to provide greater
protection for the customer, larger memory to store more information
on a single card and greater physical durability, creating added value
for customers.

"All Cascade Bank ATMs and POS Terminals are already fitted to service
the ArCa "Smart" Card", stated Levon Levonyan, Chief Executive Office
of Cascade Bank. "The first cards have been issued today and I am
happy to announce that there will be 20 per cent promotional discount
on the annual service fee for ArCa "smart" and 50 per cent discount
for other ArCa cards for customers applying before 1 May 2007".

"This is a significant step forward for the market, will encourage the
use of cards rather than cash, and is another first for Cascade",
stated Jonathan Stark, Executive Director of Cascade Capital Holdings.

Cascade Bank is a partner with World Bank and KfW in domestic heating
and residential mortgage programs.

In December 2006 Millennium Challenge Account-Armenia exclusively
selected Cascade Bank to handle USD 236 million assistance program
from the U.S. Government, to be transferred directly into MCA’s
account in Cascade Bank over the next five years.

Cascade Bank is 100% owned by Cascade Capital Holdings, which in turn
is owned by the U.S. – based Cafesjian Family Foundation. Cascade
Capital Holdings’ other operating units include Cascade Bank Georgia,
Cascade Credit, Cascade Equity Managers, Cascade Insurance and Cascade
Investments.

From: Emil Lazarian | Ararat NewsPress