ARMENIAN CASCADE BANK TO ATTRACT DEPOSITS IN BRANCHES

ARKA
Dec 1, 2008

YEREVAN, December 1. /ARKA/. Armenian Cascade Bank intends to attract
deposits in its branches, the bank’s press-service told ARKA News
Agency.

It increases the current interest rates for all attracted deposits
by 0.5% until December 31.

The maximum interest rate of the bank’s deposits is 11% annually.

Currently Cascade Bank has Yervand Kochar branch opened this November
6. The second Komitas branch will open tomorrow, December 3.

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
14.2bln AMD, liabilities 9.1bln AMD.

The bank’s fixed deposits reached 699.5mln AMD this September 30.