SCPEC permits merge of Cascade Bank and Cascade-credit
20.06.2009 14:29 GMT+04:00

/PanARMENIAN.Net/ State Commission for the Protection of Economic
Competition (SCPEC) permits merge of the Cascade Bank and the
Universal Credit Organization Cascade-credit, press office of the
SCPEC reports.
On May 11 the Cascade Bank applied to the Commission and informed
about bank’s decision of February 2009 to unite with
Cascade-credit. Same range of activities, effective usage of assets,
improved governance, raised competitiveness of services offered on the
financial market and further potential growth, grown revenues due to
expenditure cut were mentioned among the main reasons of the decision
on merge.
Besides, according to the data of RA Central Bank, after joining with
Cascade-Credit the bank will rank 16th in country’s banking system
(either by its assets, or by liabilities) instead of current 19th. (22
banks are currently operating in Armenia). In respect to other
showings, since merge of two companies cannot drive to dominating
position on any commodity market, the Commission permitted it.
The Cascade-Credit bank was established in May 1998 by the Emporiki
Bank of Greece with the capital of $3 million. In 2000, bank’s capital
grew to 4 million. In May 2005, Cascade Capital Holding purchased 100
per cent of bank’s shares and in June the bank was renamed into
Cascade Bank CJSC. Cascade Capital Holdings is 100 per cent owned by
the U.S.- based Cafesjian Family Foundation. The total capital of the
bank is 5 569 999 thousand AMD, with 14 153 474 thousand AMD of assets
and 8 583 475 thousand AMD of liabilities.
Cascade-Credit was established in 2004 by Cascade Capital
Holdings. Cascade-Credit provides renewable energy loans to build and
equip small hydro power plants and consumer, business and agricultural
loans and leasing.