ARMENIAN CASCADE BANK ISSUES $1.9MLN CREDITS UNDER SMB PROMOTION PROGRAM

ARKA
Dec 10, 2008

YEREVAN, December 10. /ARKA/. Cascade Bank has issued $1.9mln credits
under a program of assistance to small & medium-sized businesses
(SMB) in Armenia.

CEO Aharon Levonyan reported that this March the bank signed a
$5mln credit agreement with the European Bank for Reconstruction and
Development (EBRD).

"Up to $0.6mln will have been utilized by the end of the year, and
we plan to complete the program by the end of the 1st quarter of next
year," Levonyan said.

He pointed out that the bank attaches high importance to its
cooperation with the EBRD.

"As regards overall liquidity, our bank ranked seventh in the Armenian
banking system in the third quarter. In this context the EBRD-opened
credit line is most beneficial for Cascade Bank’s steady development,"
he said.

The Cascade Bank CJSC was founded on May 26, 2005, when Cascade Capital
Holding purchased the Emporiki Bank (Armenia) CJSC. As of September
30, the bank’s capital totaled 5.1bln AMD, assets 13.9bln AMD and
profit 192mln AMD. According to the information at ARKA’s disposal,
the bank had the 18th largest assets, 17th largest liabilities,
total capital and net profits in the Armenian banking system.

The bank is cooperating with the EBRD under a microcrediting
program. In December 2006, Millennium Challenges – Armenia selected
the b ank to serve its account under a 5-year $236mln assistance
program of the US Government.