CASCADE BANK OPENS KOMITAS BRANCH

ARKA
Dec 1, 2008

YEREVAN, December 1. /ARKA/. Armenian Cascade Bank opens its second
Komitas branch tomorrow, the bank’s press-service told ARKA News
Agency. The branch will offer full banking services and will be open
seven days a week.

A third branch is scheduled to open at the turn of the year.

Cascade Bank opened its first Yervand Kochar branch in Yerevan on
November 6.

According to Aharon Levonyan, the Executive Director of Cascade Bank,
the second branch is an evidence of succeeded implementation of a
stage of the bank’s affirmed strategy.

"Increasing its market popularity Cascade Bank strengthens its
positions, offering its customers high-quality and affordable
services," said Levonyan.

Cascade Bank Board Chairman Jonathan Stark stated Komitas branch
demonstrates the bank’s commitment to expansion.

"Our core customer service ethic, competitive products, and improved
access, will both enhance quality for existing customers, and attract
new clients to Cascade Bank and our sister companies, Cascade Insurance
and Cascade Investments," he said.

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.