CASCADE BANK OPENS FIRST BRANCH IN YEREVAN
ARKA
Nov 12, 2008
YEREVAN, November 12. /ARKA/. Cascade Bank opened its first "Yervand
Kochar" branch in Yerevan on November 6.
"The opening of the first branch is a very important event for the
bank and is the first step towards our expenditure in 2009," said
Jonathan Stark, the Chairman of Board of Cascade Bank and Executive
Director of Cascade Capital Holding CJSC.
He expressed a hope the bank’s competitive services, professional
ethics and accessibility will facilitate the works of the branch and
will contribute to the development of its activities.
According to Aharon Levonyan, the Executive Director of Cascade Bank,
the Yervand Kochar branch is an evidence of succeeded implementation
of a stage of the bank’s affirmed strategy.
"We intend to open two more branches in Yerevan by the end of this
year and then to expand to the regions of Armenia next year," he said.
Levonyan stressed Cascade Bank strengthens its stand and provides its
customers with high-quality services by increasing its recognizability
in the market.
Cascade Bank was established on May 26, 2005, when Cascade Capital
Holdings became the sole owner of Emporiki Bank (Armenia) CJSC. By
September 30, the bank’s total capital had reached 5.1bln AMD, assets
13.9bln AMD, with profits being 192mln AMD this Jan-Sept.
According to ARKA News Agency, Cascade Bank is the=2 018th in the
banking system of Armenia in terms of its assets and the 17th in
terms of liabilities, capital and net profits for this year.
The Bank collaborates with the European Bank for Reconstruction and
Development under microcrediting program. In 2006 the Millennium
Challenges (Armenia) Fund chose Cascade bank to serve its banking
account opened under the program on US Government assistance to
Armenia which costs $236mln.
Cascade Capital Holdings CJSC was established in 2004 by Gafeschian
Family Fund. Cascade Bank CJSC, Cascade Investments CJSC, Cascade
Credit UCO, Cascade Insurance CJSC, Cascade Consultants CJSC are
included in Cascade Capital Holdings.