ACTIVITY OF CASCADE CREDIT UCO SUSPENDED FOR REORGANIZATION

ArmInfo
2009-07-29 11:28:00

ArmInfo. Central Bank of Armenia has recognized the license of Cascade
Credit Universal Credit Organization CJSC as expired and suspended
the company’s activity for reorganization. Armenia CB press-service
told ArmInfo, the CB Council adopted the above decision on July 28
meeting chaired by Artur Javadyan, the CB Chairman.

Earlier in an interview with ArmInfo Aharon Levonyan, the Executive
Officer of Cascade Bank, said the two structures of Cascade Capital
Holdings – Cascade Bank and Cascade Credit UCO, planned to amalgamate
to increase the share and strengthen the positions on the bank in
the market as well as to provide all types of services. "Amalgamating
these two structures we will be able to increase the resource base,
first of all, and to reduce expenses," Levonyan said. Amalgamation of
the two companies will also make it possible for Cascade Bank to raise
the credit portfolio also at the expense of loans to the renewable
energy and agricultural sectors provided by Cascade Credit UCO.

Cascade Credit UCO was founded in 2004. Besides Cascade Bank and
Cascade, Cascade Capital Holdings (CCH) comprises Cascade Investments
Company, Cascade Consultants Company. CCH holds a 65pct stake in
Cascade Insurance Company.

From: Emil Lazarian | Ararat NewsPress