CASCADE BANK REVISES TERMS OF DEPOSIT RATES AND BASIC INTEREST RATES FOR LOANS
ArmInfo
2009-04-21 15:53:00
ArmInfo. Cascade Bank announces a significant decrease in the basic
interest rate for commercial loans to 15% down from 18%, the bank’s
press-release says. For smaller loans up to 50,000 USD or Euro the
rates are reduced respectively from 24% to 20% and 22% to 18%.
"We have also revised and improved the terms of our deposit rates;
our standard AMD deposit is now up to 15.5% per annum while our
attractive "Cascade" AMD deposit, where the interest rate escalates
every two months, rises to a new annual 15.0% rate by the end of the
first year; and if you choose to withdraw your money early from the
"Cascade" program, you will receive all the interest earned to that
date, without any penalty",- the press-release says.
Cascade Bank and branches are open for customers 7 days a week. "We
continue to expand our market leading discount program; we have
partnered with over 177 retail and service providers in Yerevan,
offering up to 50% discounts to Cascade Bank card holders",- Cascade
Bank’s press-release says.
Cascade Bank recorded an operating profit in the first quarter of 2009.
Cascade Bank is owned by Cascade Capital Holdings CJSC. Other
Cascade group companies are Cascade Credit, Cascade Insurance,
Cascade Investments and Cascade Consultants.